By: Ahmed Awad
Kuwait – Mubasher: Kuwait’s oil minister said Monday that the level of commitment to the deal to reduce oil production by member states in the Organisation of Petroleum Exporting Countries (OPEC) has reached 90%.
On the other hand, commitment by non-OPEC members to the same deal has reached 40% only due to previous contractual commitments, Essam Al-Marzouq told reporters in Kuwait.
The minister said he expects non-OPEC members’ commitment to rise during February.
“We hope that non-OPEC member states will be committed to the output cut deal by 100%,” he added.
The committee charged with overseeing the reduction of output will convene on 26 and 27 March, the minister revealed in a press conference in Kuwait. The committee was formed in December with members from five countries.
OPEC members reached an agreement in November 2016 to reduce oil production by around 1.2 million barrels per day starting 1 January 2017. This agreement was considered the first of its kind since 2008.
On 25 January, the Kuwaiti oil minister stated that the positive impact from trimming production will be seen in the first quarter or first half of 2017.
Translated by: Nada Adel Sobhi
