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Oil Min. content with conformity to slash oil output

KUWAIT, March 26 (KUNA) -- Kuwait's Minister of Oil Essam Al-Marzouq said on Sunday that he was pleased with the level of commitment to a framework laid out by an ad hoc committee for adherence to an OPEC decision to cut oil production.
Al-Marzouq, who is also Minister of Electricity and Water and the Chairman of the OPEC's Joint Ministerial Monitoring Committee (JMMC), was speaking at the second JMMC Conference, where he noted that the committee has been tasked with ensuring that an OPEC accord to curb oil production ultimately comes to fruition.
On the framework, he said that it included the creation of a Joint Technical Committee (JTC) that has been assigned to produce monthly reports for the JMMC on the progress towards commitment to the OPEC deal.
Speaking on conformity to the OPEC decision, Al-Marzouq said that tangible progress has been made by OPEC and non-OPEC nations alike, adding that some countries' commitment levels have eclipsed others, naming Angola and Saudi Arabia as examples.
Moreover, the Kuwaiti Minister of Oil underscored that there needs to be "conformity across the board", saying that collective efforts are key to achieve 100 percent conformity.
On the magnitude of JMMC's task, Al-Marzouq said that the committee is under close scrutiny by the international community and financial markets, which highlights the significance of the committee's work to attain lasting stability in the oil market.
Earlier in the day, the 2nd meeting of the Kuwait-chaired JMMC kicked off here, headed by the Kuwaiti Minister of Oil.
The joint committee includes three OPEC-member countries including Kuwait, Algeria and Venezuela, together with two non-OPEC members, notably Russia and Oman.
The current meeting comes after three months since OPEC's agreement to limit production rate by 1.8 million barrels per day came into effect. (Pick up previous) nam