Kuwait: OPEC committed to reduce oil production by 138%
Kuwait's governor of the Organization of Petroleum Exporting Countries (OPEC) Haitham al-Ghais said on Monday that the Organization's commitment to reduce production in February was 138 percent.
Al-Ghais told Kuwait's Al-Rai newspaper that the country's commitment rate is the highest since the beginning of the implementation of the agreement to cut production. "The market is capable of absorbing increases from shale oil."
He added that "the positive impact of this unprecedented commitment to reduce production became clearer, as the surplus in global oil stocks in February, to become 44 million barrels, compared to the level of 339 million barrels when the implementation of the agreement to reduce production in early 2017.
He added that "the Technical Committee to monitor the reduction of production held its meeting last week in Vienna," noting that "it expressed satisfaction with the situation of the oil market, and submitted its report to the Ministerial Committee, and discussed details and data on preparations for the meeting of the Ministerial Committee to monitor the implementation of the agreement to reduce production in Saudi Arabia on April 20 Next ".
He pointed out that "there is a significant rise in oil prices recently, as the price of Brent barrier $ 70 a barrel, despite the geopolitical factors and their temporary positive impact on prices, but the fundamentals of the oil market remains the biggest supporter of oil prices."