Kuwait wants Opec monitoring meeting early 2017

Dubai: Kuwait will request that an Organisation of Petroleum Exporting Countries (Opec) committee responsible for monitoring compliance with a global oil output reduction agreement meet in February or March next year, acting oil minister Anas Al Saleh said on Tuesday.

“In my capacity... as head of the committee... I will call for a meeting of the first Monitoring Committee to take place in February or March 2017, “ Saleh said in a statement.

“We will soon inform [our] customers that we will incorporate and apply a cut to their monthly contractual commitments and liftings in accordance with Opec’s recent agreement,” Saleh said.

“I am certain that such actions will contribute to the re-balancing of the market and assure stable markets.”

Opec agreed last week to reduce output by around 1.2 million barrels per day (bpd) beginning in January in a bid to reduce global oversupply and prop up prices.

It hopes non-Opec countries will cut an additional 600,000 bpd of output. Russia has said it will reduce output by around 300,000 bpd. Opec will meet with non-Opec producers in Vienna on December 10 to finalise the pact.