Kuwait and Saudi Arabia may back a third round of oil cuts

Kuwait and Saudi Arabia may back a third round of oil cuts even ahead of OPEC's November meeting if world oil prices are still low in late September, a Gulf source disclosed.

"However, if in September OPEC makes good on its commitments (to cut output) and prices did not improve too much more than where they are now, then Saudi Arabia and OPEC may have to agree on further cuts," the source, who is familiar with official Saudi thinking, said.

The Gulf source refused to specify what price level the kingdom would be satisfied with by September before moving toward seeking a new round of cuts.