KUWAIT CITY: Opec and non-Opec producers said on Sunday at a meeting in Kuwait they were looking into extending an output cuts deal aimed at stabilising the market, as compliance with the milestone pact increases.
The cuts aim to reduce world oil supplies and boost prices that have slumped since mid-2014.
The Joint Ministerial Monitoring Committee “expressed its satisfaction with the progress made towards full conformity with the voluntary production adjustments and encouraged all participating countries to press on towards 100 per cent conformity,” producers said after their day-long meeting.
The committee, formed by Opec and non-Opec members to oversee compliance with the deal to reduce output reached last year, also studied the possibility of extending the cuts for another six-month period.
It said its technical committee, in coordination with the Opec secretariat, should “review the oil market conditions” and report back at a committee meeting next month.
Participating producers had reached 94 per cent compliance with the cuts in February, up eight per cent from January.
Kuwait’s Oil Minister Essam al Marzouk, who heads the joint committee, told a press conference that Opec compliance had reached 106 per cent, while non-Opec compliance rates remained around 65 per cent. — AFP