KUWAIT-The Organization of Petroleum Exporting Countries (OPEC) and Non-OPEC members expressed Sunday in Kuwait satisfaction with compliance to their output and supply reduction agreement, stressing that they examine the possibility to renew it beyond June.
Energy Minister Noureddine Boutarfa took part in this meeting alongside his counterparts from Iraq, Venezuela, Russia, Kuwait and the Sultanate of Oman.
The ministerial monitoring committee of the OPEC-Non OPEC agreements released a final statement in which it expressed “satisfaction with the compliance to voluntary adjustments to production and urged all participating countries to achieve full compliance (100%)” to the reductions adopted last year.
In February, OPEC and Non-OPEC countries met 94% of their commitments, up by 8 points compared to January, recalled the statement.
OPEC countries met 106% of their commitments and non OPEC members at 65%, president of the committee Essam al-Marzouk and Kuwait’s Oil Minister said in a press conference after the meeting.
The committee will “deliberate before submitting its recommendations to the countries,” the statement said.
For his part, Boutarfa stated participants requested “the assessment of market conditions to decide on a possible extension of the agreement.”