Kuwait Says OPEC Leaning on Non-Members to Cut More Oil Output
- OPEC compliance with pledged cuts at 92 percent: Al-Marzooq
- U.A.E. minister vows to pare output further in March or April
Janus Analyst Expects OPEC to Work Down Excess Inventory
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OPEC is urging oil suppliers outside the group to fulfill their commitments to cut output, and crude prices will rise once producers demonstrate better compliance with their agreement to clear a global glut, Kuwait’s oil minister said.
The Organization of Petroleum Exporting Countries, which agreed to the cuts with 11 other oil-producing nations in December, is 92 percent compliant with its pledge to reduce output by 1.2 million barrels a day, Oil Minister Essam Al-Marzooq told reporters Monday in Kuwait City. Non-OPEC producers are complying at a lower rate of more than 50 percent, he said.