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Kuwait: Compliance With OPEC Cuts Good

Kuwait: Compliance With OPEC Cuts GoodKuwait: Compliance With OPEC Cuts Good

The Kuwaiti oil minister said on Friday the compliance of oil producers with a global pact on reducing crude supplies was good. "Compliance is good and offers hope" for it has reached 106% by OPEC members and 80% by non-OPEC states," KUNA also quoted Essam al-Marzouq as saying after he arrived in the Russian city of St. Petersburg," state news agency KUNA reported on Friday. Ministers from the Organization of Petroleum Exporting Countries and other non-OPEC producers are due to meet in St. Petersburg on Monday to discuss the pact reached earlier this year. Major oil producing states will discuss the oil reduction pact, review market conditions and examine any proposal related to the deal at a meeting next week, Marzouq had earlier said. Kuwait heads the joint ministerial committee of OPEC and non-OPEC states, known as JMMC, that monitors compliance with the pact to cut 1.8 million barrels of oil per day. The cuts began in January 2017 and run until March 2018.

 

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