Opec output cuts exceed target: Kuwait
Mar 9, 2017-
Opec compliance with oil output reductions has exceeded the target because of higher Saudi cuts, Kuwaiti Oil Minister Essam al-Marzouk, head of a committee overseeing the decreases, said Wednesday. Non- Opec compliance, however, has so far been modest, the minister told reporters outside parliament. Under a deal signed last year, Opec and non- Opec countries agreed to reduce output by around 1.8 million barrels per day (bpd) as part of a concerted effort to curb a global oil 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. “Saudi Arabia reducedits production higher than its share,” to boost confidence in Opec’s move, the Kuwaiti minister said. He said that non- Opec compliance was between 50 percent and 60 percent. Independent oil producers agreed to cut their production by 558,000 bpd, of which Russia pledged to reduce 300,000 bpd.
Published: 09-03-2017 10:01