Vienna Oil Cut Deal Expected to Be Fully Implemented in February – Minister

Saudi Energy Minister said that all of the countries participating in the 2016 Vienna oil output cut deal between the Organization of the Petroleum Exporting Countries and non-OPEC states are expected to fully implement the agreement in February.

VIENNA (Sputnik) – All of the countries participating in the 2016 Vienna oil output cut deal between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC states are expected to fully implement the agreement in February, Saudi Energy Minister Khalid Falih said Sunday.

«Everyone announced their full commitment to the agreements. That is what I know. But I still hope that in February we will achieve 100-percent implementation,” Falih told journalists prior to the meeting of Vienna monitoring committee on oil output.

In November 2016, OPEC agreed to cut oil production by 1.2 million barrels per day to 32.5 million barrels per day for the whole cartel starting January 2017. On December 10, 2016, OPEC finished a meeting with non-OPEC countries in Vienna, at which 11 non-OPEC producers decided to cut oil output by 558,000 barrels per day.

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