KUWAIT CITY, Dec 14, (Agencies): Kuwait’s oil minister said on Thursday it was too early to talk about a strategy to exit the current OPEC and non-OPEC supply cutting pact. “It’s premature to talk about exit strategy. Any exit strategy in the future will surely be implemented in a smooth manner that will not disrupt the stability of the market and it will be on a gradual basis,”
Bakheet Al- Rasheedi, Kuwait’s newly appointed oil minister, said in a statement. “The developments of market fundamentals will continue to be closely monitored by the Joint Ministerial Monitoring Committee (JMMC), in which the State of Kuwait is a leading member, to ensure that the target of re-balancing the market and restoring its stability is achieved,” he added.
The Organization of the Petroleum Exporting Countries and non-OPEC producers led by Russia agreed last month to extend oil output cuts until the end of 2018 to help lower global inventories and support prices. OPEC recorded the highest output cut compliance at 118 percent in November 2017.
OPEC’s Monthly Report for December 2017 revealed that crude oil production averaged 32.45 mb/d in November — a decrease of 131 tb/d over the previous month. Kuwait decreased its production from 2.708 mb/d in October to 2.703 mb/d in November — a difference of 5 tb/d.
Angola recorded the highest output cut from 1.689 mb/d in October to 1.581 mb/d in November — a difference of 108 tb/d, followed by Saudi Arabia from 10.041 mb/d in October to 9.996 mb/d in November — a difference of 45 tb/d, Venezuela from 1.876 mb/d in October to 1.834 mb/d in November — a difference of 42 tb/d, and the United Arab Emirates from 2.918 mb/d in October to 2.883 in November — a difference of 35 tb/d.