(MENAFN- Kuwait News Agency (KUNA)) By Abdelwaheb El Gueyed
VIENNA, Jan 20 (KUNA) -- Kuwait's Minister of Oil Essam Abdul-Mohsen Al-Marzouq arrived here on Friday to chair the first meeting of the ministerial committee in charge of monitoring compliance with a global agreement to reduce oil output.
The meeting, due to open on Sunday, will review the commitment of OPEC and non-OPEC countries with their respective output quotas under the historic agreement they reached late last year, the minister told KUNA upon his arrival.
"The committee members will review the changes relating to supply/demand after the producers cut the glut of oil on the global oil market by 1.658 million barrels per day," he pointed out.
Asked on his assessment of the commitment of the oil producers, Al-Marzouq expressed upbeat view, citing the recent remarks from Russia, a non-OPEC producer.
He affirmed that the representation of non-OPEC countries at the committee indicates their seriousness about the need to maintain equilibrium on the oil market.
The oil prices have rallied by 20 percent since the deal was struck here on December 10, 2016.
The minister said the committee will analyze the exact figures and the trends of prices in the coming period after receiving reports from the main producers on their compliance by the end of January.
"The OPEC ministers will convene their semiannual meeting in May to look into the possibility of extending the current deal to another six months if need be," he noted.
Al-Marzouq reaffirmed Kuwait's keenness on strict implementation of the agreement with a view to serving the interests of both exporters and importers. (end) amg.gb
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