Commitment levels to a deal between OPEC and non-OPEC members to limit oil production reached 125 percent last month, Kuwait’s Oil Minister Bkheet Al-Rashidi said on Wednesday.
In a press conference alongside visiting OPEC Secretary General Mohammad Barkindo, Al-Rashidi, who doubles as Minister of Electricity and Water, revealed that commitment to the deal had stood at 106 percent last year.
He stressed that OPEC has no intention to backtrack on the deal, saying that plummeting oil prices have no bearing on Kuwait Petroleum Corporation’s (KPC) long-term projects.
The Kuwaiti minister added that demand for crude oil is prognosticated to rise to around 1.5 or 1.6 barrels per day.
In November, oil ministers from OPEC and non-OPEC member nations agreed to extend output cuts for the duration of 2018
Source: Kuwait news Agency