Kuwait oil min. arrives in Vienna for OPEC cmte meeting

OPEC and Russian Federation say they are ahead of schedule implementing their historic agreement to curb oil output and boost prices.

The committee is expected to discuss how to best monitor compliance with the deal reached late previous year as well as what level of compliance would be acceptable, Kuwaiti oil minister Essam Al-Marzouq said in Vienna on Saturday.

Worldwide oil prices rose to an 18-month high of more than $US58 a barrel after the Organisation of Petroleum Exporting Countries and several non-members agreed o end two years of unfettered production and cut output.

Kuwait chairs the five-member committee which also includes Algeria, Venezuela, Russia and Oman. "We are doing our best to maximize participation in the fulfillment of the agreement".

On December 10, 2016, OPEC finished a meeting with non-OPEC countries in Vienna, at which 11 non-OPEC producers made a decision to cut oil output by 558,000 barrels per day from January 2017.

The Organization of the Petroleum Exporting Countries and Russian officials said Sunday they were making good progress on their pledges to cut back crude-oil production and raise global prices.

There's no indication that the cuts will need to be extended beyond the initial six-month term, Algerian energy minister Noureddine Boutarfa said.

Al-Falih said he hoped all countries would reach full compliance with the deal next month and forecast that brimming global stockpiles of crude oil would return to normal levels by the middle of the year.

It was decided during the meeting that majority of members curtail production by a combined amount of 1.2 million barrels although Libya and Nigeria were exempted from the plan due to their insecurity and political instability. The organisation agreed to reduce its output to 32.5 million barrels a day, although that total included about 740,000 barrels a day from former member Indonesia. The largest producer involved in the cuts agreement said it would make a daily reduction of 300,000 barrels by April or May.

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