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98 pct commitment to limiting oil output globally - Al-Marzouq
July 29, 2017, 8:25 am

The rate of commitment to the agreement on limiting oil production by OPEC and non-OPEC countries was about 98 percent last June, said Kuwait's Minister of Oil Essam Al-Marzouq.

Kuwait has chaired the fourth meeting of the joint ministerial committee on monitoring world oil market held in Russia from July 23 to 25, where participants discussed oil output of June, Al-Marzouq, also Minister of Electricity and Water told KUNA on Friday.

Kuwait's commitment rate from January to June 2017 was recorded at 99 percent, he noted.

The committee has called on countries with low rates to exert further efforts to limit production and achieve stability of prices in oil markets, he added.

The agreement had a positive impact on reducing overflow of oil in international markets by 90 million barrels, said Al-Mazouq. The committee is studying the possibility of extending the deal's deadline beyond March 2018 for further achievements.

Meanwhile, the official noted that crude oil reserves in the US had decreased in the past weeks and early summer where demand on oil rises.

He expected demand to rise to about two million barrels per day in the second half of 2017, compared to the first half.

Source: KUNA

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