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Oil Production Cut 64% Fulfilled by Non-OPEC States Back ->

Time: 2018-01-19

Oil-producing countries outside of the Organization of the Petroleum Exporting Countries (OPEC) have fulfilled the agreement on reducing oil production by 64 percent in March, Kuwaiti Oil Minister Issam Abdulmohsen Almarzooq told reporters.

Earlier in the day, Russian Energy Minister Alexander Novak said Russia had reduced its oil production by 185,000 barrels per day in comparison with average daily production in October 2016 under the agreement with oil-producing countries.

Earlier this month, Novak said Russia was planning to reach the oil output level cut of 200,000 barrels per day in March, and further reduction of 300,000 barrels daily by the end of April.

Oil producers are currently arriving in Kuwait ahead of the meeting of the five-nation committee, consisting of Venezuela, Kuwait, Algeria, Russia and Oman, which was established to monitor the implementation of the oil production cut deal. The committee is expected to discuss whether the agreement should be extended.