Kuwait committed to implement accord to reduce oil output, says oil minister

Author: 
Reuters
ID: 
1565600770198369500
Mon, 2019-08-12 08:40

DUBAI: Kuwait is “fully committed” to implementing an
agreement between oil exporting countries to cut production in
order to support crude prices, Oil Minister Khaled Al-Fadhel said
on Monday.
He said his country has cut its own output by more than required by
this agreement.
“The compliance of Kuwait was close to 160 percent last July,”
he was quoted as saying by the official news agency KUNA.
He said fears of a global economic downturn, which have weighed
down on prices, were “exaggerated,” and global demand for crude
should pick up in the second half, helping reduce the surplus in
oil inventories gradually.
The Organization of the Petroleum Exporting Countries (OPEC),
Russia and other non-OPEC producers, known as OPEC+, agreed to
reduce output by 1.2 million barrels per day (bpd) from Jan. 1 for
six months, a deal designed to stop inventories building up and
prop up prices.

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Source: FS – All-News-Economy
Kuwait committed to implement accord to reduce oil output, says oil minister