Kuwait says has cut oil output by more than committed

Oil Minister Essam Al-Marzouq says intends to lead by example; happy with current oil price
Kuwait says has cut oil output by more than committed
By Reuters
Thu 12 Jan 2017 01:55 PM

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.

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