OPEC output cuts exceed target: Kuwait

Non-OPEC compliance, however, has so far been modest

AFP | PTI  |  Kuwait City 

OPEC output cuts exceed target: Kuwait

compliance with output reductions has exceeded the target because of higher Saudi cuts, said Kuwaiti Minister Essam al-Marzouk, head of a committee overseeing the decreases, on Wednesday.

Non-compliance, however, has so far been modest, the minister told reporters outside parliament.



Under a deal signed last year, and non-countries agreed to reduce output by around 1.8 million barrels per day (bpd) as part of a concerted effort to curb a global glut.

"OPEC's compliance with the cuts has been excellent in February," said Marzouk, adding that it exceeded the target of 1.2 million bpd.

"reduced its production higher than its share," to boost confidence in OPEC's move, the Kuwaiti minister said.

He said that non-compliance was between 50 per cent and 60 per cent.

Independent producers agreed to cut their production by 558,000 bpd, of which pledged to reduce 300,000 bpd.

Marzouk said the and non-Joint Ministerial Monitoring Committee will meet in Kuwait on March 26 to assess compliance.

Energy and ministers of Russia, Saudi Arabia, Venezuela, Oman and Algeria in addition to the secretary general are scheduled to attend.

has said it will fully comply with the agreed cut by the end of April.

prices are now up to 20 per cent higher than they were three months ago.

OPEC output cuts exceed target: Kuwait

Non-OPEC compliance, however, has so far been modest

Non-OPEC compliance, however, has so far been modest compliance with output reductions has exceeded the target because of higher Saudi cuts, said Kuwaiti Minister Essam al-Marzouk, head of a committee overseeing the decreases, on Wednesday.

Non-compliance, however, has so far been modest, the minister told reporters outside parliament.

Under a deal signed last year, and non-countries agreed to reduce output by around 1.8 million barrels per day (bpd) as part of a concerted effort to curb a global glut.

"OPEC's compliance with the cuts has been excellent in February," said Marzouk, adding that it exceeded the target of 1.2 million bpd.

"reduced its production higher than its share," to boost confidence in OPEC's move, the Kuwaiti minister said.

He said that non-compliance was between 50 per cent and 60 per cent.

Independent producers agreed to cut their production by 558,000 bpd, of which pledged to reduce 300,000 bpd.

Marzouk said the and non-Joint Ministerial Monitoring Committee will meet in Kuwait on March 26 to assess compliance.

Energy and ministers of Russia, Saudi Arabia, Venezuela, Oman and Algeria in addition to the secretary general are scheduled to attend.

has said it will fully comply with the agreed cut by the end of April.

prices are now up to 20 per cent higher than they were three months ago.
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