OPEC oil output cut deal to see "fruitful" outcomes - Min.


Date : 13/03/2017

By Osama Jalal

KUWAIT, March 13 (KUNA) -- Minister of Oil and Minister of Electricity and Water Essam Al-Marzouq expressed optimism toward the outcomes of OPEC member-countries' compliance with the oil output cut agreement.
He affirmed in an interview to KUNA his confidence in OPEC members' full commitment to the deal, whose "fruitful" results will be apparent in the next few months.
There are very "positive" indications on the international commitment toward the agreement by most OPEC member-countries, particularly GCC States, in accordance with the latest data on commitment level ratio, he added.
The oil minister pointed outat that February's data showed more oil output commitment rate than January.
It increased between 91 percent to 95 percent during February in accordance with initial data, which is a very positive indicator, Al-Marzouq added.
In November, 2016, OPEC members concluded a deal in Vienna to cut 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 barrels per day. Russia alone will cut 300,000 barrels daily. (end) asj.ht.msa.ma