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Monday, 13 February 2017

Kuwait Says OPEC Leaning on Non-Members to Cut More Oil Output - Bloomberg

Kuwait Says OPEC Leaning on Non-Members to Cut More Oil Output - Bloomberg:

"OPEC is urging oil suppliers outside the group to fulfill their commitments to cut output, and crude prices will rise once producers demonstrate better compliance with their agreement to clear a global glut, Kuwait’s oil minister said. The Organization of Petroleum Exporting Countries, which agreed to the cuts with 11 other oil-producing nations in December, is 92 percent compliant with its pledge to reduce output by 1.2 million barrels a day, Oil Minister Essam Al-Marzooq told reporters Monday in Kuwait City. Non-OPEC producers are complying at a lower rate of more than 50 percent, he said. “At the time when producers signed the deal, the initial commitments were to gradually increase cuts until April and May, so we were expecting to see some producers not fulfilling the 100 percent cuts,” Al-Marzooq said. “We understand the circumstances, and in February we are talking to non-OPEC producers to raise their cuts according to their commitments.”"



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