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Kuwait plays key role in restoring stability to oil market - OPEC
January 7, 2017, 5:49 pm

Kuwait has been playing a leading and constructive role in OPEC so as to restore stability and balance to the global oil market, said the organization's Secretary General Mohammad Barkindo on Friday.

Due to this key role, Kuwait has gained respect of both OPEC and non-OPEC member states, he told KUNA in an interview ahead of his visit to some GCC states, including Qatar and Kuwait, next week.

Kuwait's efforts contributed to reaching the historic agreement to cut OPEC's oil output by 1.2 million barrels per day (bpd), he stressed. The deal, approved during a meeting Vienna late November 2016, also led to the decrease of non-OPEC production by 600,000 bpd.

Choosing Kuwait to chair the Ministerial Monitoring Committee, that coordinates efforts amongst the 24-member group of OPEC and non-OPEC states, reflected the country's status in stabilizing the global oil market, he said.

Kuwait was amongst the first five states that established OPEC and has been an effective member in achieving stability, Barkindo noted. He revealed that the ministerial committee tasked with monitoring the implementation of cutting oil production will hold its forthcoming meeting on January 21, under the chairmanship of Kuwait.

He also noted that he would meet with Kuwait's Oil Minister Essam Al-Marzouq during his scheduled visit to the country on Sunday to speak about the committee's meeting and other matters on recent developments in the global oil market.

Asked about oil producers' abidance by the Vienna agreement, Barkindo said OPEC and non-OPEC member states are committed to implementing the decision. He added that he was in constant contact with officials of these states, indicating that some OPEC members, including Saudi Arabia, were leading countries in cutting their oil production in accordance with the agreement.

There are two teams tasked with monitoring Moscow's abidance, that is a non-OPEC member, by reducing its oil production by 300,000 bpd, as a move to achieve stability in the global oil market, he affirmed.

Regarding setting oil price at US$ 55 per barrel, he said there is no certain targeted price in OPEC's policy, adding that the organization concentrates on regaining stability and balance in markets.

Last November, OPEC member states' oil ministers agreed to cut production by 1.2 million bpd as of January 1, this year. Some non-OPEC producers also vowed to decrease their output by 600,000 bpd, as Russia announced that it would cut production by 300,000 bpd.

According to last November's meeting in Vienna, OPEC member states agreed to maintain the level of production at 32.5 million bpd. 

Source: KUNA

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