(Encyclopedia of the Day News | Iraq News ) - From: Ahmed Awad
Kuwait - directly said Kuwait's oil minister, said on Wednesday that the positive results of the OPEC agreement results will appear in the quarter or the first half of 2017.
He explained Essam Marzouk, in comments on the sidelines of the Oil and Gas Conference in Kuwait the third, the balance in the oil market had already begun during the current period.
He Marzouq, an agreement that producers inside and outside OPEC came into force.
And it reached OPEC, on 30 November last year, an agreement to reducing daily production of its members by 1.2 million barrels, to reach 32.5 million barrels at the beginning of January next year, and the recommendation of the members that the agreement be for a period of six months, extendable, and the establishment of a monitoring committee to monitor the implementation of this agreement and compliance for him.
And approved by independent producers are also on 10 December last year, reducing production by 558 thousand barrels per day; including slightly less than the size that was targeted initially amounting to 600 thousand barrels per day, but it remains the largest contribution of non-members of OPEC at all.
The aim of the recent OPEC decisions to restrict crude production, and reduce oversupply in the market, after the continuing low prices for more than two years; which form of pressure on the budgets of many countries, and triggered unrest in some of them.
He said Kuwaiti Oil Minister and gas, in December last year, said he was forming a committee to monitor the reduction of oil production from the five countries of the program.
He said Essam Marzouk, in comments on the sidelines of the OAPEC conference in Cairo, that the Committee include three countries of OPEC are: Kuwait, Algeria, Venezuela, and two from the outside: the Sultanate of Oman, and Russia.
He said Kuwait's oil minister, on Jan. 12, said his country has reduced its oil production by more than pledged by the OPEC agreement.
Said Essam Marzouk, told reporters on the sidelines of the International Energy Forum of the US Atlantic Council in Abu Dhabi , "was cut so far is about 133 thousand barrels, currently reaching our production about 2.8 million barrels a day ..
and strive to be an example for other countries."
By 07:30 am GMT, Brent crude contracts for Brent crude fell by 0.56%; the equivalent of 31 cents to $ 553.13 an adult, and I got the American Brent crude West Texas Intermediate contract 29 cents, or 0.55 per cent to US $ 52.89 a barrel.