Kuwait: OPEC, Non-OPEC Have Exceeded Targeted Oil Output Cuts
Kuwait's oil minister said Thursday that OPEC and independent producers have exceeded their targeted oil output cuts, but without stemming a decline in commodity prices.
"The commitments to production cuts in May reached 106 percent, the highest percentage since the start of output reductions in January," said Essam al-Marzouk, who heads a joint ministerial committee overseeing adherence to the cuts.
Producers agreed last year to slash output by 1.8 million barrels per day for six months, starting January 2017, to help the sector cope with a supply glut that has dented prices.
In May, when the total cuts surpassed the agreed target, the producers decided to extend the reduction deal for another nine months until March 2018.
But oil prices have fallen, with North Sea Brent crude dropping below $45 a barrel for the first time in seven months and West Texas Intermediate settling at just above $42 a barrel -- their lowest levels since last August.
Oil prices had recovered to above $55 a barrel after the OPEC and non-OPEC output deal.
Source: Agence France Presse
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