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Compliance with oil output reduction pact ‘very good’ — Kuwait

Kuwaiti Oil Minister Essam Al Marzouq said compliance with Opec-led oil output cuts was above 100 per cent

Gulf News

VIENNA, NEW YORK

Kuwaiti Oil Minister Essam Al Marzouq said on Thursday that compliance with Opec-led oil output cuts was “very good” and above 100 per cent. “It is very good, better than last month,” he said. He also said that oil ministers were not yet discussing extending a deal which currently calls for producers to reduce output by 1.8 million barrels per day until March 2018. Separately, economists now see Kuwait’s economy contracting by 0.5 per cent this year after the country reduced its crude oil production to 2.7 million barrels per day, in line with the agreed Opec target. Non-oil GDP will grow 3.2 per cent in 2017, but growth including oil will only start to recover in 2018, according to a survey.

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