Preparations to hold oil output commission in January: Kuwait
KUWAIT: Preparations are underway to hold a meeting for the Kuwait-chaired special commission tasked with monitoring adherence to crude oil cut on January 21-22 in Vienna, the State of Kuwait Oil Minister announced yesterday.
Issam Al-Marzouq, also the Minister of Water, said in a statement that the decision by OPEC and non-OPEC oil-producing countries to slash the output of crude oil would be in effect on January 1st, adding that the OPEC secretary general will visit Kuwait on the 9th of the same month. On his meeting with his Iraqi counterpart, Jabar Al-Luaibi, earlier here, Minister AlMarzouq confirmed that he agreed with his guest on importing Iraqi oil, first 50 million cubic feet per day, to be gradually lifted to 200 million cb per day, explaining the date for effecting the deal would be set after forecast meetings of the relevant technical panels. He indicated that the committees would set transport mechanisms and pricing. On the call made by Al-Luaibi on Kuwaiti companies to invest in Iraq, Al-Marzouq stated that the Kuwaiti government supports the private sector for launching investments in the neighboring country.
Asked whether subsidiary companies of Kuwait Petroleum Corporation could take part in these investments, the minister said Kuwait Foreign Petroleum Exploration Company (KUFPEC) and Kuwait Petroleum International (Q8) operate according to trade bases, affirming the KPC welcomes any enterprise “proceeds of which are compatible with its strategy.” — KUNA