Kuwait will back efforts made to restore balance to the world's oil markets and eliminate a supply surplus, expecting a deal extending production cuts to be reached on May 25, a report said.

Kuwaiti Minister of Oil, Electricity and Water Essam Al Marzouq has reaffirmed in a statement issued by the Kuwait Petroleum Corporation his country's commitment to a deal deepening the supply curbs by the world's major oil producers, reported WAM, the Emirates news agency, which cited the Kuwait News Agency.

According to a deal concluded in Vienna in December 2016, Opec members are committed to cutting production by around 1.2 million barrels per day (b/d), while non-Opec producers voluntarily decided to reduce output by 600,000 b/d, with the decision taking effect since the beginning of the year.

The level of commitment to the deal has been unprecedented, KUNA quoted the minister as saying. He expected the efforts made in this regard to bear fruits with the decline in global crude stocks over the coming months.

The minister referred to a "semi - consenus" on the extension of production cut deal for a new six-month period during the coming Opec and non-Opec producers' meeting, due in Vienna on May 25.