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Kuwait’s oil minister, Khaled al-Fadhel, said on Monday that the oil market is expected to be in balance towards the end of 2019 as global inventories fall and demand remains strong. Fadhel also said there are still uncertainties around oil demand growth due to concerns about the impact of the U.S./China trade dispute on global economy and  U.S. sanctions on Iran and Venezuela, while U.S. shale oil production is still rising. He said this uncertain outlook is making it tough for OPEC and its allies to have a clear oil supply plan for the second half of the year.

Speaking during a news conference with Japan’s Prime Minister Shinzo Abe in Tokyo on Monday, U.S. President Donald Trump said a deal with Iran on its nuclear programme was possible. "I really believe that Iran would like to make a deal, and I think that's very smart of them, and I think that's a possibility to happen," Trump said. "It has a chance to be a great country with the same leadership," Trump said. "We aren't looking for regime change - I just want to make that clear. We are looking for no nuclear weapons." At his joint news conference with Trump, Abe said Japan would do what it can on the Iran issue. "Actions—not words—will show whether or not that's Trump’s intent," Iran’s Foreign Minister Mohammad Javad Zarif said.