Kuwait commitment to OPEC oil reduction at 160 pct, says minister

  • Monday 12, August 2019 04:37 PM
  • Kuwait commitment to OPEC oil reduction at 160 pct, says minister
Sharjah 24 – KUNA: Kuwait's commitment to implement a production cut agreement, between member states of the OPEC members and the Russia-led group of non-member countries, reached nearly 160 percent in July, Kuwait's oil minister Dr. Khaled Al Fadhel said on Monday.
In a press statement, Al Fadhel noted that in spite of the recent decline in oil prices are still mainly supported by the unprecedented commitment to implement the OPEC agreement.

Kuwait will continue its commitments to make this historic agreement a success and restore stability to world oil markets, he added.

Global oil market performance indicators are still almost stable and global oil demand is acceptable and should recover in the coming months despite recent declines in oil prices, but overestimating global economic concerns negatively affects the stability of oil markets, the statement said.