Kuwait lauds non-OPEC out­put cut de­ci­sion

Kuwait Times - - LOCAL -

Kuwait Am­bas­sador to Aus­tria and Per­ma­nent Del­e­gate to the UN Of­fice in Vi­enna Sadeq Maarafi wel­comed the de­ci­sion of the non-OPEC coun­tries to cut their oil out­put by 558,000 bar­rels per day (bpd).

“This his­toric de­ci­sion will have a pos­i­tive im­pact on the global mar­ket as it will help end the glut in oil sup­plies,” he said in state­ments Saturday night fol­low­ing the OPEC and non-OPEC Min­is­te­rial Meet­ing. “The de­ci­sion, to take ef­fect on Jan­uary 1 for a re­new­able six-month pe­riod, will en­sure fair prices for both pro­duc­ers and con­sumers. “The im­ple­men­ta­tion of to­day’s de­ci­sion and the OPEC de­ci­sion on Novem­ber 30 to cut its out­put by 1.2 mil­lion bpd will be over­seen by a min­is­te­rial com­mit­tee chaired by Kuwait and in­clud­ing Al­ge­ria, Oman, Rus­sia and Venezuela.”

“To­day’s de­ci­sion opened a new chap­ter in the fruit­ful co­op­er­a­tion be­tween OPEC and non-OPEC coun­tries in the short and long run,” Mar­rafi said, ex­pect­ing the global mar­ket to re­spond soon to such de­ci­sions by the marker oil pro­duc­ers.

On the OPEC and non-OPEC Min­is­te­rial Meet­ing, the Kuwaiti diplo­mat said the meet­ing was cochaired by Dr Mo­hammed Bin Saleh Al-Sada Pres­i­dent of the OPEC Con­fer­ence and Min­is­ter of En­ergy and In­dus­try of Qatar, and Alexan­der No­vak Min­is­ter of En­ergy of the Rus­sian Fed­er­a­tion. It gath­ered rep­re­sen­ta­tives of 11 non-OPEC coun­tries and agreed to add Rus­sia and Oman to the mem­ber­ship of the OPEC min­is­te­rial com­mit­tee. The com­mit­tee is ex­pected to meet soon un­der the chair­man­ship of Kuwait’s newly-ap­pointed Min­is­ter of Oil Es­sam Ab­dul­mohsen Al-Mar­zouq, he added.

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