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Assured delegates to the Organization of Petroleum Exporting Countries "OPEC", today announced that the Members' compliance with production cuts rate reached nearly 80 percent.
The ministers "OPEC" agreed, on 30 November last, to reduce the production ceiling by 1.2 million barrels a day; and as of the first of January of this, in order to restore balance to the oil prices in the global markets.
It comes the process of reducing production in light of a global supply glut; and aims to reduce price subsidies, currently amounting to around US $ 56 a barrel, which is less than half, compared to prices in 2014, which caused significant damage to revenues of exporting countries.
He noted Kuwait's oil minister Issam Al-Marzouq, last Thursday, to be bound by the Agreement reached more than 60 percent, according to announcements producing countries. The date of the further reduction of the production decision, "OPEC" to the year 2009, reaching a commitment decision "OPEC" in 2009 at 80 percent, according to estimates by the International Energy Agency.
The commitment to reduce production in 2009, to raise the price of crude at $ 69 a barrel.
The oil producers within the Organization of Petroleum Exporting Countries (OPEC) and outside reached, on 10 December, the first joint agreement since 2001, to cut crude production and ease the oversupply in the market after the continuing low prices for more than two years to become the market focus now to abide by the agreement.