Kuwaiti oil minister Bakheet Al-Rasheedi says the strong compliance is a signal of commitment from OPEC and non-OPEC states
The compliance of OPEC and independent producers with oil output cuts in force since January reached an unprecedented level of 122 percent last month, Kuwait's oil minister said Wednesday.
"I am pleased to announce that November conformity is the highest since the beginning of implementation of the agreement in January. It has reached 122 percent," said Bakheet al-Rasheedi, quoted by the official news agency KUNA.
"This is a strong signal to the oil market that OPEC and non-OPEC members participating are committed to the success of this agreement and are willing to do everything possible to restore the oil market balance."
The 14-member cartel and 10 independent producers, including Russia, decided on December 1 to extend the cut of 1.8 million barrels per day until the end of 2018.
The aim is to reduce a global excess in supply that has pushed oil prices lower and left a huge hole in the finances of producer nations.
It has helped oil prices climb from less than $30 a barrel in early 2016 to the current level of around $60.