18 January 2017, News Wires – Ahead of the January 21 meeting of the Organisation of the Petroleum Exporting Countries, OPEC, and its allies aimed at assessing the oil market, Kuwait’s oil minister Bakhit al-Rashidi has said the country has no plan or intention so far to exit from a production-cutting agreement among OPEC and non-OPEC oil producers.
“The production-reduction agreement will remain for a long time and there is no thinking right now to exit it,” Rashidi told a news conference in Kuwait City.
He said a January 21 committee meeting of some OPEC and non-OPEC ministers in Oman would focus on reviewing adherence to the cuts, adding that compliance in December was at 125 percent.
Russia and Saudi Arabia are leading the joint effort to limit crude production and prop up prices. The agreement runs until the end of 2018.
