Kuwait follows Saudi Arabia's lead, signals no oil supply cuts ahead

Kuwait, one of the main oil producers in the Middle East, has apparently signaled that it will not go along with Venezuela's call for OPEC to cut its output to prop up falling prices when the cartel next meets in Vienna, on 27 November.

The country's oil minister, Ali Al-Omair, said producing countries have "no room" for such a move at present.

Nevertheless, he added: “If we had a way to preserve the stability of prices or something that would bring it back to previous levels, we would not hesitate in that [...] There is no room for countries to reduce their production.”

As of 08:30 front month Brent futures were fractionally lower, down by 0.3305 on the day at $88.59 per barrel on the ICE.