OPEC, Russia 'Ahead Of Schedule' On Oil Output Cuts

Brittany BishopJan 23, 2017

Kuwaiti Oil Minister Essam Al-Marzouq, who chairs the five-member committee, said they will meet next after March 17 in Kuwait.

On claims that Iran's oil production had reached over 3.9 million barrels per day going beyond the figure specified in OPEC cut agreement, Deputy Head of NIOC for Development and Engineering Affairs Gholamreza Manouchehri said differences existed between statistics announced by Iran and those reported by Organization of the Petroleum Exporting Countries (OPEC).

Novak said that his country, which committed to the largest cut of 300,000 barrels a day, already had achieved trimmed production by 100,000 barrels - double its projected target of 50,000 barrels by late January.

"I am satisfied, I am optimistic and, as I said, the markets are on their way to rebalance and it's happening", Al-Falih said.

The attendees at the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) discussed the implementation of the Declaration of Cooperation signed by the 13 OPEC and 11 non-OPEC member countries in December, that subsequently came into effect on January 1, OPEC said in a statement.

The JMMC is comprised of three OPEC member countries of Algeria, Kuwait, and Venezuela, as well as the two non-OPEC countries of Russian Federation and Oman. "We are doing our best to maximize participation in the fulfillment of the agreement".

It expressed satisfaction over compliance with the agreement on cutting oil production to stabilize oil market. Crude has since slipped about 5 percent from that peak as traders await proof that they will follow through. Meanwhile, OPEC inclines to control export indicators also. About 100,000 barrels per day were already cut on average, he said. "Now, we are seeing voluntary cuts by both sides", Al-Falih said.

Russian Federation has pared production by an average of 100,000 barrels a day, a milestone it hadn't expected to reach until next month, Novak said.

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