Kuwait Backs OPEC Supply Cuts
Kuwait Backs OPEC Supply Cuts

Kuwait Backs OPEC Supply Cuts

Kuwait Backs OPEC Supply Cuts

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 during the coming OPEC and non- OPEC producers' meeting, due in Vienna on May 25, Kuwaiti Minister of Oil, Electricity and Water said. 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, Trade Arabia reported. According to a deal concluded in Vienna last year, OPEC members are committed to cutting production by around 1.2 million barrels per day, while non-OPEC producers decided to reduce output by 600,000 bpd, effective in the first half of this year. The level of commitment to the deal has been "unprecedented", the Kuwait News Agency 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.


Short URL : https://goo.gl/zbSev0
  1. https://goo.gl/T6oKWi
  • https://goo.gl/vmym9k
  • https://goo.gl/3Toz1G
  • https://goo.gl/UvHLPU
  • https://goo.gl/h5phPV

You can also read ...

Sweden Approves Nord Stream 2 Pipeline
While Denmark is yet to give permission for the Nord Stream 2...
India Sees $55-60 Oil Price Reasonable
India, the world’s third-largest oil consumer, expects a...
Chinese Tariffs Will Crimp American Shale Production
China’s proposed tariffs on US petroleum imports, part of a...
NIOC Plans to Increase Oilfield Capacity
National Iranian Oil Company plans to increase the production...
OPEC reached an agreement with Russia in 2016 to keep 1.8 million bpd off the market.
Oil Minister Bijan Namdar Zanganeh rejected leaving the 2016...
Sixfold Rise in Zanjan Petrochem Plant Capital
Zanjan Petrochemical Complex’s registered capital has...
Renewable Power Plants' Dues Settled in Full
The state-run Renewable Energy Organization of Iran, aka SUNA...

Add new comment

Read our comment policy before posting your viewpoints