KUWAIT: Figures on production cuts are speculation
17:50 - 06/12/2019
Information / Baghdad ..
Kuwaiti Oil Minister Khalid al-Fadil said on Friday that the rumors about the agreement of OPEC ministers to cut production by 500 thousand barrels to 1.7 million barrels per day are just speculation.
He added in a statement to "KUNA", before the start of the seventh ministerial conference of its kind among producers from inside and outside the organization, that negotiations are still ongoing between the oil ministers, to reach an agreement, especially as decisions are taken unanimously.
He pointed out that the recommendations of the joint ministerial committee concerned with monitoring the production reduction agreement will be submitted to the work of the seventh ministerial conference, and stressed the importance of Kuwait's role in the work of this committee since its establishment.
The Kuwaiti minister said that the last July agreement to cut production by 1.2 million barrels per day until March, is still in force until the moment.
In response to a question related to the Russian proposals submitted to the meeting of the Joint Ministerial Committee, the Kuwaiti Minister of Oil said that this proposal called for the treatment of countries outside the organization with the same system that is dealt with with member states.
For his part, OPEC Secretary General Mohamed Barkindo expressed in a similar statement, his confidence in the success of the OPEC ministers meeting and their independent counterparts in Vienna, in controlling price rates to ensure the stability of the global oil market and stressed the importance of the long-term cooperation agreement concluded between the OPEC countries and producers from outside it. 25