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