Oil pro­duc­ers’ com­pli­ance with out­put cut pact good: Mar­zouq

Kuwait Times - - FRONT PAGE -

SAINT PETERS­BURG, Rus­sia: OPEC mem­ber states’ out­put cut con­form­ity is “his­toric and un­prece­dented, Kuwaiti Min­is­ter of Oil Es­sam Al-Mar­zouq said on Fri­day. Upon ar­rival in Saint Peters­burg in Rus­sia to at­tend a joint min­is­te­rial mon­i­tor­ing meet­ing, Mar­zouq, who dou­bles as Min­is­ter of Elec­tric­ity and Wa­ter, said he was sat­is­fied with OPEC mem­bers’ abid­ance by the re­cent oil out­put cut res­o­lu­tion. This time, cut con­form­ity is un­prece­dented com­pared to pre­vi­ous times when com­mit­ment hardly hit 60 per­cent, Mar­zouq added.

“The cur­rent pro­duc­tion cut con­form­ity rates are so good and en­cour­ag­ing that they hit 106 per­cent by OPEC mem­ber states, and 80 per­cent by non-OPEC states,” he said. He said he is here to at­tend a meet­ing of the Joint OPEC-Non-OPEC Min­is­te­rial Mon­i­tor­ing Com­mit­tee (JMMC), headed by the State of Kuwait, which is due to­mor­row. The Joint OPEC-Non-OPEC Tech­ni­cal Com­mit­tee (JTC), a tech­ni­cal sub-com­mit­tee of the JMMC, will also con­vene dur­ing the com­ing cou­ple of days to re­view pro­duc­tion cut con­form­ity.

On oil re­la­tions be­tween Kuwait and Rus­sia, the Kuwaiti min­is­ter said Kuwait has tech­ni­cal co­op­er­a­tion with some Rus­sian oil com­pa­nies, and that both sides would sign gas im­port agree­ments. OPEC and non-OPEC mem­bers will mainly look into a re­port of the Joint OPEC-Non-OPEC Tech­ni­cal Com­mit­tee (JTC), a tech­ni­cal sub-com­mit­tee of the Joint OPEC-Non-OPEC Min­is­te­rial Mon­i­tor­ing Com­mit­tee (JMMC), on the com­pli­ance of OPEC and non-OPEC mem­bers with out­put cut lev­els for June 2017. OPEC and non-OPEC mem­bers had signed a Dec­la­ra­tion of Co­op­er­a­tion in Vi­enna in De­cem­ber 2016.

Dur­ing a meet­ing in Kuwait in March, the Joint OPEC-Non-OPEC Min­is­te­rial Mon­i­tor­ing Com­mit­tee (JMMC) had rec­om­mended the ex­ten­sion of an oil out­put cut for more six months to keep the global oil mar­ket sta­ble. At a meet­ing in De­cem­ber, 11 non-OPEC oil pro­duc­ers co­op­er­ated with the 13 OPEC mem­ber coun­tries in a con­certed ef­fort to ac­cel­er­ate the re­bal­anc­ing of the global oil mar­ket through an ad­just­ment in com­bined pro­duc­tion of 1.8 mil­lion bar­rels per day. The State of Kuwait chairs the Joint OPEC-Non-OPEC Min­is­te­rial Mon­i­tor­ing Com­mit­tee (JMMC), which com­prises Venezuela and Al­ge­ria as OPEC mem­bers, and Rus­sia and Oman as non-OPEC mem­bers. — KUNA

Kuwaiti Min­is­ter of Oil Es­sam Al-Mar­zouq

Newspapers in English

Newspapers from Kuwait

© PressReader. All rights reserved.