OPEC delivering on output cuts

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OPEC and non-OPEC oil producers including Russia agreed late last year to reduce output by about 1.8 million barrels per day in a landmark deal that followed a sharp drop in oil prices.

“OPEC compliance with the output rates is excellent…reaching 92%” said Kuwaiti oil minister Essam al-Marzouk, who chaired a committee tasked with monitoring the agreement. However, the non-OPEC oil producers had delivered on only a little more than half of their pledged production reductions which he said can be attributed to previously agreed upon export commitments.

The five-member Joint Ministerial Monitoring Committee, headed by Kuwait, will meet in the Emirates next month to re-assess compliance with the pledged cuts.

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