OPEC and non-OPEC producers including Russia agreed late last year to reduce output by about 1.8 million barrels per day in a landmark deal that followed a sharp drop in oil prices.
“OPEC compliance with the output cuts is excellent … Compliance has reached 92 percent,” said Kuwaiti oil minister Essam al-Marzouk, who chairs a committee tasked with monitoring the agreement.
Non-OPEC producers had delivered on more than half of their pledged production reductions, he told reporters on the sidelines of a conference in Kuwait City.
Marzouk attributed the relatively low non-OPEC implementation rate to previously agreed export commitments.
“We understand that the compliance of non-OPEC producers will be gradual through the months of April and May,” said Marzouk.“We hope for full compliance from all producers,” he added.
Global oil prices fell from more than $100 a barrel in June 2014 to near 13-year lows of less than $30 in early 2016, hitting the public finances of many oil producing nations.
They have since bounced back above $50 following the output cuts that took effect at the start of 2017.
US benchmark West Texas Intermediate was down nine cents at $53.77 per barrel in Asian trade on Monday while Brent North Sea slipped five cents to $56.65.
The Paris-based International Energy Agency reported last week a compliance rate of 90 percent by OPEC countries, calling it “a record”.
The five-member Joint Ministerial Monitoring Committee headed by Kuwait will meet in the emirate next month to re-assess compliance with the pledged cuts
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