February OPEC supply cut at 140 per cent compliance: Kuwait oil minister

OPEC supply cut

Kuwait’s Oil Minister Essam Al-Marzouq is praising Saudi Arabia for helping stabilize oil prices by reducing its crude production more than agreed upon in the OPEC supply cut agreement. Getty Images photo.

OPEC supply cut for non members between 50-60 per cent compliance

On Wednesday, Kuwait Oil Minister Essam Al-Marzouq said OPEC-member countries participating in the OPEC supply cut agreement reached 140 per cent compliance with the deal in February.

He credits Saudi Arabia for the degree of cuts, telling reporters in Kuwait that “Saudi Arabia has voluntarily cut by more than its share to increase confidence in the output reduction issue (agreement).”

Marzouq described non-OPEC members 50-60 per cent compliance with the OPEC supply cut agreement “acceptable”.

According to the Kuwaiti minister, OPEC members are satisfied with current prices, calling crude values “stable”.

Most OPEC members and a number of non-OPEC oil producing countries agreed beginning in January they would cut production by a total of 1.8 million b/d in an effort to steady fluctuating crude prices.

On March 26, Kuwait will hold a ministerial meeting where both OPEC and non-OPEC participants will review compliance with the output agreement.

Ministers from Saudi Arabia, Russia, Kuwait, Oman, Algeria and Venezuela will attend the meeting, along with OPEC Secretary General Mohammed Barkindo.

In May, OPEC members meet in Vienna to discuss the possibility of extending the deal.

 

Posted in: News

Post a Comment