Kuwait Times
KUWAIT: The OPEC oil cartel has implemented more than 90 percent of its agreed output cuts aimed at curbing a glut on world markets, Kuwait’s oil minister said yesterday. OPEC and non-OPEC producers including Russia agreed late last year to reduce output by about 1.8 million barrels per day in a landmark deal that followed a sharp drop in oil prices. “OPEC compliance with the output cuts is excellent … Compliance has reached 92 percent,” said Kuwaiti oil minister Essam Al-Marzouq, who chairs a committee tasked with monitoring the agreement. Non-OPEC producers had delivered on more than half of their pledged production reductions, he told reporters on the sidelines of a conference in Kuwait City. Marzouq attributed the relatively low non-OPEC implementation rate to previously agreed export commitments.
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