Kuwait to Host Ministerial Meeting on Global Oil Cut

Kuwait to Host Ministerial Meeting on Global Oil Cut

Kuwait will host a Ministerial Committee meeting, charged with monitoring the compliance with Vienna agreements on cutting oil output, on 22-23 March, Sputnik News reported. The Committee brings together five ministers: three are from OPEC – Algeria, Kuwait, and Venezuela, and two are non-OPEC members – Russia and Oman, according to Trade Arabia.

A ministerial control committee was set up by the Organization of Petroleum Exporting Countries (OPEC) to monitor implementation of the agreements on crude production cuts sealed by OPEC and non-OPEC countries.

In November 2016, OPEC agreed to cut oil production by 1.2mb/d to 32.5mb/d for the whole cartel starting in January 2017. In December 2016, OPEC finished a meeting with non-OPEC countries in Vienna, at which 11 non-OPEC producers also decided to cut oil output by 558,000b/d from January 2017.

Mariana Somensi 890 Posts

Mariana holds a Journalism Bachelor Degree from the State University of Londrina, Brazil. The Brazilian journalist has 4 years of experience on the MENA region's affairs and over a year of experience on the oil and gas industry.


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