Kuwaiti Oil Minister: 'OPEC Output Cut Compliance at 140%'
Kuwaiti Oil Minister: 'OPEC Output Cut Compliance at 140%'
Kuwait - QNA
Kuwait Oil Minister and the Minister of Water and Electricity Essam Al-Marzouq affirmed on Thursday that OPEC's compliance with its oil output cut have reached around 140 percent in February, Kuwait News Agency (KUNA) reported.
Al-Marzouq said in a statement to Al-Rai newspaper that non-OPEC members' compliance was between 50-60 percent.He attributed OPEC's percentage to deep production cuts by Saudi Arabia, an act aimed at increasing confidence in the output reduction agreement reached late in 2016.
Kuwait is scheduled to host a ministerial meeting on March 26 comprising both OPEC and non-OPEC members to review compliance with the output agreement, he added.Al-Marzouq said that the oil ministers of Saudi Arabia, Russia, Kuwait, Oman, Algeria, and Venezuela will attend the meeting, along with the OPEC's Secretary General.
Source: QNA
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