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Oil Minister: OPEC output cap compliance hits 92 pct

Minister of Oil Essam Al-Marzoug
Minister of Oil Essam Al-Marzoug

KUWAIT, Feb 13 (KUNA) -- Kuwaiti Minister of Oil Essam Al-Marzoug said Monday the commitment of OPEC members to a recent production cut agreement hit roughly 92 percent, while that of non-OPEC countries exceeded 50 percent.
Speaking to reporters on the sidelines of an oil conference and exhibition held her today, Al-Marzouq, who doubles as Minister of Electricity and Water, said non-OPEC countries' 50-percent compliance came as a result of their previous contracts.
He added that their abidance by their respective output cap quota would be gradual until April and May, saying: "We understand these circumstances, but we want all countries to comply by 100 percent." On preparations for an OPEC production control committee meeting due in March, the minister said: "We have a meeting on March 26-27 and we are waiting for a report from the technical committee composed of the ministerial council for deliberations next week." The council will hold this meeting in order to assess OPEC members' output cap compliance, and to look into potential measures in this regard, the minister pointed out.
Earlier Monday, the minister of oil inaugurated the Local Content in the Oil Sector - Conference & Exhibition, organized by Kuwait Petroleum Corporation (KPC).
The event is one of the important activities of the KPC local content strategy. The theme of the conference "Promising Opportunities for the Private Sector" reveals its main objective. (end) osj.msa.mt