Kuwait has cut its oil output by more than the amount to which it committed in the global deal among oil producers to reduce output, Kuwaiti Oil Minister Essam Al-Marzouq said on Thursday.
"We intend as Kuwait to lead by example. We have already cut our production to more than what we have committed," he said at a conference in Abu Dhabi. He did not give details of the cuts.
Marzouq also said he was very happy with current oil prices. Brent crude is around $55 a barrel.
Based on statements by oil producing nations so far, there has been more than 60 percent compliance with production cuts specified by the deal, Marzouq added. Some countries may have complied but not announced that yet.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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