The bank, in its report on oil prices, said on Tuesday that production cuts would range between half a million and one million barrels per day, or the equivalent of 3% considering this ratio is sufficient to alleviate the glut of production.
The report noted that the decision was made to reflect the organization's policy not to control the level of production, leaving the task of balancing markets at a price that goes on for two years, pointing out that the decision to raise prices as well as global oil and commodity shares by about 6%.
According to the report, Brent crude rose by 5.9% following the Algiers Declaration to reach the level of US $ 48.7 per barrel in September to end trading at $ 49.1 a barrel, while the combination of West Texas Intermediate reached US $ 48.3 for Lbrmel.
According to NBK, in his report, that the world oil supply rose in July to record levels, while taking the global demand slowdown faster than expected at a time when global demand is still weak.
The bank said that the member states of "OPEC" and continued to raise production levels during August, reaching their highest levels in both Kuwait and the UAE, reaching production organization 33.47 million barrels per day.
He added that production in Kuwait rose to a record 2.91 million barrels per day, and in the United Arab Emirates to 3.07 million barrels, while total production of Iraq, a good level of about 4.35 million barrels a day, according to the report.