SAINT PETERSBURG, Russia, July 22, (KUNA): OPEC member states’ output cut conformity is “historic and unprecedented, Kuwaiti Minister of Oil Essam Al-Marzouq said on Friday.
Upon arrival in Saint Petersburg in Russia to attend a joint ministerial monitoring meeting, Al-Marzouq, who doubles as Minister of Electricity and Water, said he was satisfied with OPEC members’ abidance by the recent oil output cut resolution.
This time, cut conformity is unprecedented compared to previous times when commitment hardly hit 60 percent, Al-Marzouq added.
“The current production cut conformity rates are so good and encouraging that they hit 106 percent by OPEC member states, and 80 percent by non-OPEC states,” he said.
He said he is here to attend a meeting of the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC), headed by the State of Kuwait, which is due on July 24.
The Joint OPEC-Non-OPEC Technical Committee (JTC), a technical sub-committee of the JMMC, will also convene during the coming couple of days to review production cut conformity.
On oil relations between Kuwait and Russia, the Kuwaiti minister said Kuwait has technical cooperation with some Russian oil companies, and that both sides would sign gas import agreements.
OPEC and non-OPEC members will mainly look into a report of the Joint OPEC-Non-OPEC Technical Committee (JTC), a technical sub-committee of the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC), on the compliance of OPEC and non-OPEC members with output cut levels for June 2017.
OPEC and non-OPEC members had signed a Declaration of Cooperation in Vienna in December 2016.
During a meeting in Kuwait in March, the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) had recommended the extension of an oil output cut for more six months to keep the global oil market stable.
At a meeting in December, 11 non-OPEC oil producers cooperated with the 13 OPEC member countries in a concerted effort to accelerate the rebalancing of the global oil market through an adjustment in combined production of 1.8 million barrels per day.
The State of Kuwait chairs the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC), which comprises Venezuela and Algeria as OPEC members, and Russia and Oman as non-OPEC members.