Business | Oil & Gas
Kuwait urges compliance with Opec cut
Kuwait's oil minister urged fellow Opec producers to comply with a record oil supply cut agreed by the group to shore up oil prices, the official KUNA news agency said late on Friday.
- Reuters
- Published: 22:40 December 20, 2008
Kuwait : Kuwait's oil minister urged fellow Opec producers to comply with a record oil supply cut agreed by the group to shore up oil prices, the official KUNA news agency said late on Friday.
"There is commitment in general to agreed (production) levels but there is a need to enhance it," Mohammad Al Olaim told KUNA. "Kuwait will be committed to its quota."
"The Opec decision was taken to be implemented and is not meant for the media," he said.
Oil fell below $40 a barrel after the Organisation of Petroleum Exporting Countries agreed a 2.2 million barrel per day (bpd) output reduction on Wednesday to revive prices battered by slumping demand for fuel.
For a sustained price recovery, Opec must enforce strict compliance with its output curbs - historically a tricky task in a falling market.
The group that pumps more than a third of the world's oil already has reductions of 2 million bpd in place since November.
Business Editor's choice
-
Do unemployment figures flatter to deceive?
Jobseekers and recruiters give out mixed signals ranging from optimism to downright despair even as official data show recovery
-
Banks can increase their share
Longer opening hours, more locations outside cities and lower charges can help
-
Geepas idea blossomed in Dubai
The journey led from a small shop in Bahrain to a $1.27b company in the UAE
