Kuwait Ambassador to Austria and Permanent Delegate to the UN Office in Vienna Sadeq Maarafi welcomed the decision of the non-OPEC countries to cut their oil output by 558,000 barrels per day (bpd).â€¨
"This historic decision will have a positive impact on the global market as it will help end the glut in oil supplies," he said in statements to KUNA on Saturday night following the OPEC and non-OPEC Ministerial Meeting.â€¨
"The decision, to take effect on January 1 for a renewable six-month period, will ensure fair prices for both producers and consumers.â€¨"The implementation of today's decision and the OPEC decision on November 30 to cut its output by 1.2 million bpd will be overseen by a ministerial committee chaired by Kuwait and including Algeria, Oman, Russia and Venezuela.
â€¨"Today's decision opened a new chapter in the fruitful cooperation between OPEC and non-OPEC countries in the short and long run," Marrafi said, expecting the global market to respond soon to such decisions by the marker oil producers.â€¨
On the OPEC and non-OPEC Ministerial Meeting, the Kuwaiti diplomat said the meeting was co-chaired by Dr. Mohammed Bin Saleh Al-Sada - President of the OPEC Conference and Minister of Energy and Industry of Qatar, and Alexander Novak - Minister of Energy of the Russian Federation.â€¨
It gathered representatives of 11 non-OPEC countries and agreed to add Russia and Oman to the membership of the OPEC ministerial committee.â€¨The committee is expected to meet soon under the chairmanship of Kuwait's newly-appointed Minister of Oil Essam Abdulmohsen Al-Marzouq, he added.â€¨
Maarafi appreciated the efforts made by Qatar's Al-Sada during his tenure as President of the OPEC Conference in 2016, saying that today's decision was the fruit of Al-Sada's dedicated efforts to stabilize the oil market.â€¨
He expressed wishes of success for the new OPEC President the Saudi Minister of Energy, Industry and Mineral Resources Khalid A. Al-Falih and the new OPEC Secretary-General Mohammad Sanusi Barkindo.