Kuwait satisfied with level of oil output cut – Reduction at 122 pct in Nov

Bakheet Al- Rasheedi

KUWAIT CITY, Dec 20, (KUNA): Kuwait’s Oil Minister and Chairman of the Joint Ministerial Monitoring Committee (JMMC) Bakheet Al- Rasheedi announced Wednesday that OPEC and Non-OPEC countries’ commitment to the output reduction level reached 122 percent for November, the highest percentage since January 2017. This statement came after the Joint Technical Committee (JTC) held its 11th meeting in Vienna Wednesday.

The JTC is a sub-committee of the JMMC. The JMMC and JTC are chaired by the State of Kuwait until the end of 2017, after which the Kingdom of Saudi Arabia will assume chairmanship of both committees in January 2018. Al-Rasheedi expressed his great satisfaction with the historic and unprecedented level of conformity achieved by the 24 participating countries, noting that this effort supports restoring the oil market balance and it is in favor of the oil industry at large.

Al-Rasheedi said “I received the JTC report today and i am pleased to announce that November conformity is the highest ever since the beginning of the implementation of the agreement in January; it has reached 122 percent. This is a strong signal to the oil market that OPEC and non-OPEC participating are committed to the success of this agreement and are willing to do everything necessary to restore the oil market balance.” Al-Rasheedi explained that in the past couple of months several encouraging indicators have emerged; the overhang in OECD commercial stocks relative to the 5-year average has dropped by 200 million barrels compared to the beginning of this year, and also floating storage globally has declined significantly with the changing price structure as it has become less attractive to store oil. Al-Rasheedi added:” we expect oil demand in 2018 to increase by 1.51 million barrels per day compared to this year.”

Al- Rasheedi commended the JTC and JMMC on their role in monitoring and improving the process during this year, and praised the participating countries for their high comitment and urged them to continue with the same spirit next year.

Meanwhile, a Kuwaiti official has emphasized the significance of coordination among the Arab countries for the implementation of the 17th wide-ranging Sustainable Development Goals (SDGs) of the UN 2030 Agenda. Advisor at the International Organizations Department of the Kuwaiti Foreign Minister Mohammad Al-Mutairi on Wednesday led the Kuwaiti delegation to the third meeting of the high profile Arab committee on following up the implementation of the SDGs.

The Arab League’s commission discussed today the means and mechanisms likely to help realize further Arab communication and coordination in that respect, Al- Mutairi told KUNA. The meeting is part of the cooperation between the League and the UN for the implementation of the SDGs, he added. The SDGs are on the top priorities of the Kuwaiti programs and plans, he said, referring that Kuwait embodies this in its future development plans and visons. Kuwait’s 2035 vision aims to transform the country into an international financial and commercial hub, through the vision of His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, Al-Mutairi noted. In reply to a question on progress made in achieving SDGs, he said Kuwait has been a leading country in humanitarian and developmental action not only at home but also abroad.

Check Also

Kuwait Energy in merger talks with London-listed SOCO Int’l

DUBAI, Jan 8, (RTRS): SOCO International, an oil and gas exploration and production company listed …

Translate »