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Kuwait demands deal commitment from OPEC countries

Kuwait demands deal commitment from OPEC countries
Mubasher

By: Ahmed Awad

Kuwait – Decypha: The agreement made by member states in the Organization of Petroleum Exporting Countries (OPEC) to trim oil output has been well-carried out, Kuwait’s Oil Minister, Essam Al Marzouq, said on Sunday.

 

In light of our commitment, we plan to ask other countries to reduce their production as well, he said during the inauguration of the second joint ministerial committee meeting to monitor OPEC and non-OPEC commitment to the deal.

 

Compliance by OPEC members has reached 106%, while overall compliance to the deal reached 94%, the top official revealed.

 

Kuwait’s total oil exports are currently between 2.5 to 3 million barrels per day (mbpd), while the average stands at 2.2 mbpd, he confirmed.

 

The rise in oil prices will contribute to increasing investments in shale oil, which means that a price rise and investments in shale go hand-in-hand, Al Marzouq stated.

 

In late 2016, OPEC member states agreed to cut their oil production in an attempt to boost oil prices and accordingly reduce their oil-price-dependent budgets, which have seen deficits as oil prices began a downward spiral in June 2014.

Translated by: Nada Adel Sobhi