Tuesday , October 16 2018

Kuwait abides by OPEC’s oil output quota: KOC chief exec – OPEC, non-OPEC compliance with output cuts reach 120%: JMMC

KUWAIT CITY, Oct 22, (KUNA): Kuwait has affirmed its adherence to the crude oil output quota as set by the Organization of Petroleum Exporting Organization (OPEC), estimated at 2.707 million barrels per day (more) Jamal Jaafar, Chief Executive Officer of Kuwait Oil Company (KOC), said on Sunday that the company is committed to the production share, as decided by OPEC, estimated at 2.707 million barrels per day, indicating that there “is no necessity to hike the (crude) production.” KOC’s output capacity is forecast to reach 3.65 million barrels per day by 2020, Jaafar said in a statement, adding that the company production of non-associated gas has currently reached 210 million cubic feet and would exceed 500 million cf in January.

Jaafar was speaking at a ceremony organized by Schlumberger company, specialized in oil fields’ services, on the occasion of employing Kuwaiti citizens.

Maan Razzouqi, the head of the North Middle East at Schlumberger, said the company hired 20 nationals, adding that it planned to employ many Kuwaitis during this year.

Meanwhile, members of OPEC and non-OPEC producing countries’ Joint Ministerial Monitoring Committee (JMMC) said Saturday the two sides achieved a record high conformity level with voluntary output cuts, reaching 120 percent.

This came in a statement by JMMC, chaired by Kuwait, following a meeting that was chaired by Kuwait.

JMMC was established following OPEC’s Ministerial Conference Decision of Nov 30, 2016, and the subsequent Declaration of Cooperation made at the joint OPEC-Non-OPEC Producing Countries’ Ministerial Meeting held on Dec 10 2016, at which 10 non-OPEC and 14 OPEC countries agreed cuts of 1.8 million barrels per day.

The six-month agreement came into effect on Jan 1 this year. It was extended for nine months starting last July 1.

JMMC said high commitment to production cuts underscored resolute willingness towards the rebalancing of the oil market.

JMMC expressed satisfaction with the overall results and encouraged all participating countries to continue on the path towards conformity, for the benefit of producers and consumers alike.

It noted that while some participating producing countries have consistently performed beyond their voluntary production adjustments, others are yet to achieve 100 percent conformity.

Commercial oil stocks in the OECD fell further in September and the difference to the latest five-year average has been reduced by 178 million barrels since the beginning of this year, however, there remains another 159 million barrels of stock overhang to be depleted.

JMMC’s next meeting will be in Vienna on Nov 29.

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