Kuwait oil minister says supports output cut extension to March 2018

DUBAI, May 16 (Reuters) - Kuwait supports a proposal by Saudi Arabia and Russia to extend a global oil supply cut agreement until March 2018, Kuwait’s oil minister Essam al-Marzouq said on Tuesday.

“The agreement aims to restore the balance between supply and demand, through restoring the level of the global oil inventories to the average level of the past five years,” Marzouq said in a statement.

He added there were “positive indications” through data for both April and May showing a “noticeable reduction” in oil inventories globally.

Saudi Arabia and Russia, the world’s top two oil producers, agreed on Monday on the need to extend output cuts for a further nine months until March 2018 to rein in a global crude glut, pushing up prices. (Reporting by Rania El Gamal; Editing by Mark Potter)