Countries outside of OPEC meet 64% of the oil cut agreement

The oil minister of Kuwait, Issam Abdulmohsen Almarzooq said in an interview on Saturday, March 25, that countries that are not part of the Organization of the cartel of Petroleum Exporting Countries (OPEC) have managed to meet in March, 64% agreement to reduce oil production.

Russia, which is not part of the group, said through his minister, Alexander Novak, the country has reduced its production by 185,000 barrels per day, compared to average production in October 2016. At the end of November last year, producers outside the cartel agreed to cut production by 558,000 bpd, while the cartel agreed to cut 1.2 million barrels.

At a meeting held on Sunday between members of the five countries committee, formed by Venezuela, Kuwait, Algeria, Russia and Oman established to monitor the implementation of cuts agreement in Kuwait, a statement said OPEC plans to extend the reduction in oil production for another six months, as previously reported by Panorama Offshore.

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