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Kuwait backs efforts to restore balance to world oil market - Min.

Minister of Oil and Minister of Electricity and Water Essam Al-Marzouq
Minister of Oil and Minister of Electricity and Water Essam Al-Marzouq
KUWAIT, May 8 (KUNA) -- Minister of Oil and Minister of Electricity and Water Essam Al-Marzouq has reiterated Kuwait's full support to the efforts seeking to restore balance to the world's oil markets.
In a press statement issued by the Kuwait Petroleum Corporation (KPC), Al-Marzouq stressed Kuwait's commitment to a deal concluded by the world's major producers to reduce the oil outcome.
According to a deal concluded in Vienna in December 2016, the OPEC members are committed to cutting production by around 1.2 million barrels per day (bpd), or over 3 percent, to 32.5 million bpd. Non-OPEC producers voluntarily decided to reduce output by 600,000 bpd. Russia alone will cut 300,000 bpd.
The agreement brought together 24 of the world's leading oil producers committing them to remove around 1.8 million barrels/day of crude oil from global supplies as of January 1, of 2017 over an initial six-month period that can be extended for a similar period. The main aim of the deal is to restore balance on the world's oil market.
The rates of commitment to the deal were unprecedented over the months, the minister said. He expected these efforts to bear fruits with the decline in the world's crude stocks over the coming months.
The minister referred to a "semi-consensus" on the extension of the production cut deal for a new six-month period during the coming OPEC and non-OPEC producers due in the Austrian capital on May 25. (end) ht.tab.msa