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Pledged OPEC cuts encouraging: Kuwait

OPEC secretary general Mohammad Sanusi Barkindo (L) holds a joint press conference with Kuwaiti Oil Minister Essam al-Marzuq in Kuwait City on January 9, 2017Kuwaiti Oil Minister Essam al-Marzouk, whose country heads a committee to monitor crude output cuts, on Monday described as encouraging production reductions announced so far. A group of 14 non-OPEC producers, led by the world’s top crude producer Russia, agreed in December to lower their output by another 600,000 bpd, making the total pledged cuts at 1.8 million bpd. “So far, all Gulf producers, Iraq and Russia have announced their commitment to the cuts,” Marzouk told a news conference after talks with OPEC secretary general Mohammad Barkindo.

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