‘Compliance with output cut pact good’

Opec and other non-Opec producers due to meet in the Russian city of Saint Petersburg on Monday

DUBAI: The Kuwaiti oil minister said on Friday that compliance by oil producers with a global pact on reducing crude supplies was “good and offers hope”, state news agency Kuna reported.

Ministers from the Organisation of Petroleum Exporting Countries (Opec) and other non-Opec producers are due to meet in the Russian city of Saint Petersburg on Monday to discuss the pact which was reached earlier this year.

“Compliance is good and offers hope” for it has reached 106% by Opec members and 80% by non-Opec states,” Kuna quoted Essam al-Marzouq as saying after he arrived in St Petersburg.

Major oil producing states will discuss the oil reduction pact, review market conditions and examine any proposals related to the deal at a meeting next week, Marzouq had earlier said.

Published in The Express Tribune, July 23^rd, 2017.

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