13:18 GMT02 July 2020
Listen Live
    Get short URL
    0 46

    Kuwaiti Oil Minister said that oil producing countries which participate alongside member-states of the Organization of the Petroleum Exporting Countries in the oil production cut deal, are gradually enforcing their reduction obligations under the agreement.

    ABU DHABI (Sputnik) Oil producing countries which participate alongside member-states of the Organization of the Petroleum Exporting Countries (OPEC) in the oil production cut deal, are gradually enforcing their reduction obligations under the agreement, Kuwaiti Oil Minister Issam Abdulmohsen Almarzooq said Thursday.

    “Surprisingly we are seeing how non-OPEC states improve their compliance with agreements on oil output reduction from month to month,” the minister said at the media forum on oil in Abu Dhabi.

    In November 2016, the OPEC member states reached an agreement to cut oil production by 1.2 million barrels per day in the first half of 2017 to boost global oil prices.

    The OPEC agreement was supported by 11 non-OPEC states, which joined the deal by promising to jointly reduce oil output by 558,000 barrels per day. Russia pledged to cut production by 300,000 barrels daily. The OPEC has already implemented its commitment while non-cartel countries have implemented over half of the agreed upon cuts.

    Never miss a story again — sign up to our Telegram channel and we'll keep you up to speed!


    Iranian Oil Minister Dismisses Indian Oil Import Cut Threats
    Azerbaijan Interested in Extension of Oil Output Cut Deal - Energy Ministry
    Decision on Extension of Global Oil Output Cut Deal Postponed to May
    UAE to Exceed Obligations Under Oil Output Cut Deal by 15-33% - Energy Minister
    Non-OPEC States Fulfil Deal on Oil Production Cut by 64% - Kuwait Oil Minister
    oil output cuts, OPEC, Kuwait
    Community standardsDiscussion