(MENAFN- Kuwait News Agency (KUNA)) SAINT PETERSBURG, Russia, July 24 (KUNA) -- Nigeria and Libya's collective oil production has no bearing on plans to limit total global output, a Kuwaiti minister said on Monday.
Speaking to KUNA, Kuwait's Minister of Oil Essam Al-Marzouq said that rising oil production in the two countries, which collectively totals out to be 2.8 million barrels per day, would not be injurious to the oil market.
He underscored commitment across the board to an OPEC deal to slash oil output, saying that nations that fail to hold up their end of the bargain should disclose their future intentions.
Al-Marzouq pointed out that demand for oil has soared by a million barrels, which eliminates the need to cut output even further, "but all options are on the table," he added.
The Kuwaiti minister revealed that adherence to the OPEC deal sits at 98 percent, which he said was very satisfactory.
Meanwhile, Saudi Arabia and Russia, two oil production powerhouses, spoke of their respective countries' commitment to the OPEC agreement to curb production.
Al-Marzouq's Russian and Saudi counterparts, Alexander Novak and Khaled Al-Faleh, respectively, concurred that the OPEC plan was a vital step to restore stability in the oil market. (pickup previous) as.nam
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