Latest News
- No Transactions Without Biometrics
- Passenger Caught With Pure Cocaine From Europe
- The Elderly Man Was Not Insulted By Me
- 97% Of MEW Workforce Are Kuwaitis; Strength 34,417
- Rushing Home For 'iftar' Causes Accidents And Deaths
- Expect Hot Days, Cool Nights, And Thunderstorms In Kuwait
- Health Procedures For Expatriates Updated
- Kuwait's Agility Global Seeks Inclusion On Abu Dhabi's ADX
- Public Authority For Industry Completes Industry Law Amendment P...
- Indian Ambassador Hosts Ramadan Celebration In Kuwait
- Al-Mashaan Grants Authority For Transfers Of Municipal Departmen...
- For The Expansion Of The Subiya Site, 204.178 Million Dinars And...
Kuwait Reiterates Opec Output Cut Conformity
The State of Kuwait has been committed to cutting oil production so as to restore balance at global markets, Kuwaiti Minister of Oil, Electricity and Water Bakheet Al-Rashidi said on Friday.
The minister made the statement to KUNA after he had led Kuwait's delegation participating in the eighth meeting of the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) hosted by the Saudi city of Jeddah.
OPEC and non-OPEC oil producers' commitment to the output cut deal reached 145 percent, said the minister, adding that it has been the highest rate since the deal was put in effect in January 2017.
All countries taking part in the meeting have announced their continued abidance by working to restore balance at the global oil markets, he pointed out.
He commended efforts by OPEC and non-OPEC oil producers in making recovery at markets.
Meanwhile, the ministerial committee affirmed in its report that the level of commercial reserves of Organisation for Economic Co-operation and Development (OECD) countries dropped from 3.12 billion barrels in July 2017 to 2.83 billion barrels, representing a decrease of 300 million in surplus.
The report noted that the surplus in reserve is still exceeding accepted levels before 2014, the period which witnessed a drop in oil prices, it added.
The ministerial committee assigned OPEC to make a detailed study in order to reach different indicators to assess risks and situations at oil markets to make sure of achieving the purposeful goals of rebalance and recovery.
The committee also called for intensifying efforts by all countries to reach successful cooperation between OPEC and non-OPEC countries.
It discussed means of transforming the current cooperation into a mechanism which ensures continuously supporting and activating permanent cooperation of oil countries through a future joint declaration.
SOURCE : KUNA
Trending News
-
MoI Urges Biometric Fingerprinting Compliance Ahea...
21 March 2024
-
5 Days Holiday For Eid Al-Fitr Begins On April 9th
25 March 2024
-
Over 120,000 Expat Offenders Will Benefit From Kuw...
14 March 2024
-
Kuwait Offering Amnesty To Illegal Expats
17 March 2024
-
From April 1 To July 1, Kuwait Grants Amnesty To V...
14 March 2024
-
Kuwaiti Banks Elevate Non-Resident Credit To 4.17...
18 March 2024
-
Central Bank Of Kuwait Provides Banks With New Ba...
20 March 2024
-
Banks In Kuwait Report Robust Profits Despite The...
21 March 2024
-
Kuwait's Clean Energy Journey: Progress And Challe...
23 March 2024
-
Driving Licenses With Smart Technology
25 March 2024
Comments Post Comment