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OPEC output cut compliance at 140 pct in Feb. - Oil Min.
09/03/2017 | LOC12:26
09:26 GMT
| Kuwait News
تصغير الخطالشكل الأساسيتكبير الخط
Kuwait Oil Minister and the Minister of Water and Electricity Essam Al-Marzouq
Kuwait Oil Minister and the Minister of Water and Electricity Essam Al-Marzouq
KUWAIT, March 9 (KUNA) -- 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.
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. (end) osj.haq
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