pledged opec cuts encouraging
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Oil Minister Essam al-Marzouk:

Pledged OPEC cuts encouraging

Arab Today, arab today

Arab Today, arab today Pledged OPEC cuts encouraging

General Mohammad Sanusi Barkindo
Kuwait City - Arab Today

Kuwaiti Oil Minister Essam al-Marzouk, whose country heads a committee to monitor crude output cuts, on Monday described as encouraging production reductions announced so far.

The Organization of the Petroleum Exporting Countries agreed in November to cut its production by 1.2 million barrels per day starting January to reduce a global supply glut that had kept prices painfully low.

A group of 14 non-OPEC producers, led by the world's top crude producer Russia, agreed in December to lower their output by another 600,000 bpd, making the total pledged cuts at 1.8 million bpd.

"So far, all Gulf producers, Iraq and Russia have announced their commitment to the cuts," Marzouk told a news conference after talks with OPEC secretary general Mohammad Barkindo.

"These commitments make up between 60 percent and 70 percent of the pledged cuts" from the beginning of January, said the minister.

"We expect the compliance to the cuts to be big because of its impact on boosting prices."

Kuwait heads the five-member Joint Ministerial Monitoring Committee set up to monitor compliance with the pledged cuts.

Marzouk said he discussed with Barkindo mechanisms to monitor the cuts by OPEC and non-OPEC members.

The Kuwaiti minister said they discussed monitoring output of each member country and also the level of exports with the assistance of international companies.

Barkindo described as historic the agreement between the 24 OPEC and non-OPEC producers.

Marzouk said the committee would meet in Vienna on January 21 and 22 to finalise the monitoring mechanisms.

Source: 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

pledged opec cuts encouraging pledged opec cuts encouraging

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

pledged opec cuts encouraging pledged opec cuts encouraging

 



GMT 19:07 2017 Wednesday ,13 September

Kuwaiti oil barrel down 82 cents to US$50.56

GMT 03:02 2017 Saturday ,11 November

Drahi retakes the reins at Altice as share price tumbles

GMT 19:46 2016 Friday ,07 October

Football: Saudis deny Australia with late equalizer

GMT 22:01 2017 Thursday ,20 April

52 ships transit Suez Canal

GMT 04:28 2016 Monday ,14 November

Fujairah seeks partnerships with all investors

GMT 15:32 2017 Saturday ,25 February

Steinmeier elected German president

GMT 09:25 2017 Sunday ,24 December

HRH Premier Prince Khalifa bin Salman leaves Thailand

GMT 13:39 2017 Sunday ,17 December

Britain must obey EU environment rules
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday