Non-OPEC Countries Improve Compliance With Vienna Oil Output Cut Deal – Minister

ABU DHABI (Sputnik) – Oil producing countries which participate alongside member-states of the Organization of the Petroleum Exporting Countries (OPEC) in the oil production cut deal, are gradually enforcing their reduction obligations under the agreement, Kuwaiti Oil Minister Issam Abdulmohsen Almarzooq said Thursday.

“Surprisingly we are seeing how non-OPEC states improve their compliance with agreements on oil output reduction from month to month,” the minister said at the media forum on oil in Abu Dhabi.

In November 2016, the OPEC member states reached an agreement to cut oil production by 1.2 million barrels per day in the first half of 2017 to boost global oil prices.

The OPEC agreement was supported by 11 non-OPEC states, which joined the deal by promising to jointly reduce oil output by 558,000 barrels per day. Russia pledged to cut production by 300,000 barrels daily. The OPEC has already implemented its commitment while non-cartel countries have implemented over half of the agreed upon cuts.

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