Mubasher: Kuwait is “fully committed” to implement an agreement between oil-exporting countries to cut production in order to support crude prices, Arab News reported
“The compliance of Kuwait was close to 160% last July,” Kuwaiti Oil Minister, Khaled Al Fadhel, said recently.
Al Fadhel noted that his country has cut its own production by more than required by this deal.
He added that fears of a global economic downturn, which have weighed down on prices, were “exaggerated,” and global demand for crude should pick up in the second half of 2019, helping reduce the surplus in oil inventories gradually.
It is worth noting that the Organization of the Petroleum Exporting Countries (OPEC) agreed to reduce output by 1.2 million barrels per day (bpd) from 1 January for six months in a step to stop inventories building up and prop up prices.