Sunday, 18 December , 2016     |     1093      |      +      |     

Kuwait seeks OPEC output cut monitoring meeting in February or March

Kuwait seeks OPEC output cut monitoring meeting in February or March :
  • Business

Kuwait will request that an OPEC committee responsible for monitoring compliance with a global oil output reduction agreement meet in February or March next year, acting oil minister Anas al-Saleh said on Tuesday.


“In my capacity… as head of the committee… I will call for a meeting of the first Monitoring Committee to take place in February or March 2017, ” Saleh said in a statement.

“We will soon inform (our) customers that we will incorporate and apply a cut to their monthly contractual commitments and liftings in accordance with OPEC’s recent agreement,” Saleh said.

“I am certain that such actions will contribute to the re-balancing of the market and assure stable markets.”

OPEC agreed last week to reduce output by around 1.2 million barrels per day (bpd) beginning in January in a bid to reduce global oversupply and prop up prices.

It hopes non-OPEC countries will cut an additional 600,000 bpd of output.

Russia has said it will reduce output by around 300,000 bpd. OPEC will meet with non-OPEC producers in Vienna on Dec 10 to finalize the pact.

http://dailytimes.com.pk/

Kuwait Today Business Subscription

Keywords:
Category: #Business | 2016/12/18 latest update at 7:00 AM
Source : | Photocredit :
1094
Comments Add comment

Latest Comments


  
  LinkedIn Gulf Media

Sponsored Publications


Related Articles

The editorial staff of Kuwait Media would like to give all of its readers from Gulf and Kuwait and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Kuwait Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Kuwait, the Gulf and the world.


Latest searches in Kuwait Today