(MENAFN- Kuwait News Agency (KUNA)) By Abdulwahab El-Gueyed
VIENNA, Sept 21 (KUNA) -- The Kuwaiti Oil Minister has expressed satisfaction at crude producers' adherence to the latest output slash accord affirming that such abidance has helped in tackling the market glut.
Essam Al-Marzouq, also the Minster of Water and Electricity, in a statement upon his arrival in Vienna on eve of a meeting of the panel monitoring the accord, praised the producers' adherence to lowering the production, which in turn helped in accelerating trimming the glut on the markets.
Al-Marzouq, who chairs the monitoring committee, expressed hope that the oil producing countries would maintain the adherence at the agreed upon level.
Last May, OPEC and non-OPEC crude oil producers agreed to extend a production cut to try boost prices and stabilize the market.
Asked whether new countries would join the deal, the minister said that currently there are no other states seeking to be part of the accord.
However, he noted that OPEC always welcomes new partners in the agreement, which he indicated might be extended.
OPEC is seeking to tackle an excessive amount of 1.2 million barrels of oil per day.
In addition to Kuwait, the monitoring panel includes ministers and officials from Venezuela, Algeria, non-OPEC producers Russia and Oman. (end) amq.rk
MENAFN2109201700710000ID1095895984
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.