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KUWAIT CITY (Reuters) – The Kuwaiti Ministry of Oil said on Monday that it was hired by the Organization of Petroleum Exporting Countries (OPEC) and other exporting countries to agree to cut back on production. crude oil to support prices.
Kuwaiti Oil Minister Khalid al-Fadhil said his country is fully committed to implementing an agreement among oil exporting countries to reduce production to support crude prices.
The press agency "Reuters," said the Kuwaiti minister, saying his country had reduced its production by more than required by this agreement.
He explained Kuwait's commitment to implement the production cut agreement, saying it had reached about 160 percent by July, according to the Kuwaiti news agency.
He stressed that worries over the global economic slowdown, which has put downward pressure on prices, are exaggerated and that global demand for oil will resume in the second half of the year, which will contribute to a gradual reduction in crude stocks. .
The Organization of the Petroleum Exporting Countries (OPEC), Russia and other non-OPEC producers have agreed to reduce their output by 1.2 million barrels per day as of 1 January for a period of six months, under an agreement to prevent global stocks and increase prices.
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Source: Al-Amin Press
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