Kuwait Says It's Ready To "cooperate" To Stabilize Markets

By Markets MarketWatch Pulse

Kuwait's OPEC Governor Nawal Al-Fezaia hinted on Tuesday that the oil-rich nation is ready to cut production in an effort to stem the persistent slump in oil prices. The governor told an energy forum in Kuwait that the country is "ready to cooperate" with others to stabilize the oil market, according to media reports. However, she noted that producers outside the cartel are not yet ready to cooperate, the reports said. She also said prices are unlikely to climb back to 2014 levels of more than $100 a barrel and instead they could wobble around $40-$60 a barrel until 2020. Al-Fezaia's comments came as crude and Brent both slid below $30 a barrel on Tuesday, sending renewed shivers through global financial markets.

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