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Tue 6 Dec 2016 02:26 PM

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Kuwait to seek OPEC output cut monitoring meeting in Q1 2017

Acting oil minister Anas al-Saleh says will call for meeting in February or March next year

Kuwait to seek OPEC output cut monitoring meeting in Q1 2017
Kuwaits acting oil minister Anas al-Saleh. (Yasser al-Zayyat/AFP/Getty Images)

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.

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