Kuwait will request that an OPEC committee responsible for monitoring compliance with a global oil output reduction agreement meet in February or March next year, acting oil minister Anas al-Saleh said on Tuesday.
"In my capacity... as head of the committee... I will call for a meeting of the first Monitoring Committee to take place in February or March 2017, " Saleh said in a statement.
"We will soon inform (our) customers that we will incorporate and apply a cut to their monthly contractual commitments and liftings in accordance with OPEC's recent agreement," Saleh said.
"I am certain that such actions will contribute to the re-balancing of the market and assure stable markets."
OPEC agreed last week to reduce output by around 1.2 million barrels per day (bpd) beginning in January in a bid to reduce global oversupply and prop up prices.
It hopes non-OPEC countries will cut an additional 600,000 bpd of output.
Russia has said it will reduce output by around 300,000 bpd. OPEC will meet with non-OPEC producers in Vienna on Dec 10 to finalise the pact.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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