12:45 GMT06 August 2020
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    Kuwaiti Oil Minister Issam Abdulmohsen Almarzooq said that oil-producing countries outside of OPEC have fulfilled the agreement on reducing oil production by 64 percent in March.

    KUWAIT CITY (Sputnik) — Oil-producing countries outside of the Organization of the Petroleum Exporting Countries (OPEC) have fulfilled the agreement on reducing oil production by 64 percent in March, Kuwaiti Oil Minister Issam Abdulmohsen Almarzooq told reporters on Saturday.

    "About 64 percent," Almarzooq said answering the question about the level of implementation of the agreement of countries outside OPEC in March.

    Earlier in the day, Russian Energy Minister Alexander Novak said Russia had reduced its oil production by 185,000 barrels per day in comparison with average daily production in October 2016 under the agreement with oil-producing countries.

    Earlier this month, Novak said Russia was planning to reach the oil output level cut of 200,000 barrels per day in March, and further reduction of 300,000 barrels daily by the end of April.

    On November 30, 2016, OPEC countries agreed on reducing oil production by 1.2 million barrels per day for the first six months of 2017, with a daily cartel-wide cap standing at 32.5 million barrels. Non-OPEC countries agreed to reduce output by 558,000 barrels a day, with Russia pledging to cut production by 300,000 barrels daily.

    Oil producers are currently arriving in Kuwait ahead of the meeting of the five-nation committee, consisting of Venezuela, Kuwait, Algeria, Russia and Oman, which was established to monitor the implementation of the oil output cut deal. On Sunday, the committee is expected to discuss whether the agreement should be extended.

    Related:

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    Russia Could Cut Oil Production at Faster Pace - Energy Minister Novak
    Oil Producers Unlikely to Boost Output After Production Cut Deal Expires - OPEC
    Iraq Begins to Cut Oil Production in Line With OPEC Deal
    Tags:
    cuts, oil production, Kuwait
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