(MENAFN- Kuwait News Agency (KUNA)) By Abdelwahab El-Gueyed
VIENNA, Nov 30 (KUNA) -- The rise in oil prices proves that OPEC member nations and their non-OPEC partners are equally committed to a deal to limit oil production, Kuwait's minister of oil Essam Al-Marzouq said on Thursday.
Speaking to KUNA as the 173rd meeting of OPEC oil ministers kicked off, Al-Marzouq said that other major oil-producing nations are in attendance and seem poised to join the historic OPEC agreement in a bid to restore stability in the global oil market.
On how far progress has come on the deal, the Kuwaiti minister said that an ad hoc technical committee headed by Kuwait has found steady progress and 116 percent commitment, which he hailed as a significant milestone in the history of OPEC.
Regarding a highly capricious oil market, Al-Marzouq said that the OPEC committee meets on a regular basis and keeps abreast of all figures and relevant information in order to keep oil prices stable.
Meanwhile, Al-Marzouq's Algerian counterpart Mustafa Kaituti told KUNA that there appears to be a consensus over the need to further extend the OPEC deal, saying that his country is satisfied with how successful the accord has thus far been.
The UAE's Minister of Energy Suahil Al-Mazrui said that the Gulf nation throws its weight behind all measures intended to keep stability in the oil market intact and that an extension of the deal was feasible.
He added that conditions in the oil market are gradually improving, citing a need to ratchet up investment in oil production given how global demand for oil has soared in recent years.
Similarly, Iraq's Minister of Oil Jabbar Al-Luaybi said that Baghdad was content with the stability in the oil market, attributing it to the efforts of OPEC and non-OPEC member nations alike.
He stressed that eliminating any surpluses in oil production was an integral factor in ensuring a robust oil market, saying that commitment to the OPEC deal has kept the oil market afloat. (Pick up previous) amg.nam
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