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In an interview with Reuters, Kuwait’s oil minister, Khaled al-Fadhel, said that it was premature to say if OPEC and non-OPEC allies are going to extend the current oil output cut levels at the meeting in Vienna in June.

“There is great anxiety in the market today mainly related to supply concerns. For example, the impact of the U.S government decision announced recently not to extend the waivers to major buyers of Iranian crude has yet to be felt,” the minister told Reuters.

Commenting on the inventory levels, “If we are to look at the OECD commercial inventories, I think we are on the right track. OECD Inventories are falling towards the last 5 year average, and the record level of conformity reached in April by OPEC and its non-OPEC partners have played a significant role,” he noted.