OPEC’S OUTPUT CUT DEAL HAS POSITIVE IMPACT ON MARKET – KUWAIT’S OIL MIN.
CAIRO, The recent deal reached between the Organization of Petroleum Exporting Countries (OPEC) member states and non-OPEC states to cut oil production has “positively” impacted the market, Kuwait’s Minister of Oil, Electricity, and Water Essam Al-Marzouq affirmed.
Al-Marzouq made his remarks to KUNA Thursday after the conclusion of the 97th annual meeting of the Organization of Arab Petroleum Exporting Countries (OAPEC) in Cairo.
A regulatory commission, headed by Kuwait, consisting of three OPEC countries and two non-OPEC states is to convene next January in presence of the OPEC Secretary-General to agree on a mechanism for implementing the agreed-upon deal, he said.
The recent announcements by Saudi Arabia, UAE, Qatar, Kuwait, and Iraq about commitment towards OPEC agreement are very “encouraging”, Al-Marzouq noted. On OAPEC’s meeting, he pointed out a unanimous approval of the items on agenda related to the budget and a number of agreements.
The conferees also unanimously agreed with OAPEC members to renew the tenure of the organization’s Secretary-General Abas Al-Naqi, Kuwait, for another three years, Al-Marzouq noted, adding that OAPEC’s recent efforts of studies and coordination among members have been “distinctive”.
Source: NAM NEWS NETWORK