Kuwaiti oil minister: OPEC may extend output cuts by 12 months

OPEC and non-member oil producers could deepen output cuts or extend them for a year when they meet in Vienna this week, Kuwaiti oil minister Essam al-Marzouq said.

As ministers gathered in Vienna for informal consultations, Saudi OPEC ally Kuwait said discussions included the possibility of deepening the cuts or prolonging them by 12 months.

"All options are on the table," Reuters cited al-Marzouq as saying.

The Organization of the Petroleum Exporting Countries meets formally in Vienna on Thursday to consider whether to prolong the deal reached in December in which OPEC and 11 non-members agreed to cut output by about 1.8 million barrels per day in the first half of 2017.