Kuwait, Rus­sia said to meet Iraq, other pro­duc­ers on crude cuts

Muscat Daily - - BUSINESS -

Kuwait City, Kuwait - Rus­sia and Kuwait oil of­fi­cials be­gan meet­ings in Abu Dhabi on Mon­day to ex­am­ine why some pro­duc­ers in a global pact to cut out­put are fall­ing be­hind in their com­mit­ment.

Talks were be­ing held sep­a­rately with rep­re­sen­ta­tives from Iraq, United Arab Emirates, Kaza­khstan and Malaysia through Tues­day, ac­cord­ing to peo­ple fa­mil­iar with the sit­u­a­tion. A rep­re­sen­ta­tive from Saudi Ara­bia was at­tend­ing the ses­sions in ca­pac­ity as pres­i­dent of the Or­ga­ni­za­tion of Petroleum Ex­port­ing Coun­tries.

Find­ings of the meet­ings will be pre­sented to the joint min­is­te­rial mon­i­tor­ing com­mit­tee which over­sees the agree­ment to cut pro­duc­tion, the peo­ple said, ask­ing not to be iden­ti­fied. The agree­ment, which came into ef­fect at the start of the year, brings to­gether OPEC and nonOPEC na­tions in an ef­fort to take as much as 1.8mn bar­rels of oil a day off the mar­ket.

Iraqi com­pli­ance slumped to 29 per­cent in June, its low­est so far, while the UAE made just 60 per cent of its cuts, ac­cord­ing to the In­ter­na­tional En­ergy Agency’s last monthly re­port.

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