Kuwait makes more oil production cuts

15 January 2017

Kuwait heads Opec’s monitoring committee

Kuwait has reduced more than its agreed share of Opec production cuts, according to its oil minister.

“We have already cut our production to more than what we have committed, so that everybody else will see that we are committed to the cuts,” said Essam al-Marzouq, minister for oil and electricity in Kuwait and head of Opec’s monitoring committee.

Kuwait announced it had cut production by 130,000 barrels a day (b/d) in January. The Opec member’s current production stood at 2.8 million b/d, added al-Marzouq.

He was speaking to reporters on the side-lines of the Atlantic Council Global Energy Forum in Abu Dhabi.

Al-Marzouq declined to say the exact level of production cuts Kuwait had made.

Opec producers such as Saudi Arabia, Iraq and the UAE as well as non-Opec Oman have already made cuts since the start of 2017.

“We have compliance of more than 60 per cent already,” said al-Marzouq.

“Russia has also said they would make some cuts in the first six months to an average of what they promised to cut,” he added.

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