Commitment to oil reserves reduction improved markets — Kuwaiti minister

MUSCAT, Kuwaiti Minister of Oil and Minister of Electricity and Water Bakheet Al-Rashidi hailed cooperation between OPEC and non-OPEC oil producers in 2017 to reduce overflow in oil reserves and stabilize markets.

Committing to the oil reserves reduction agreement led to a decrease in oil reserves by 221 million barrel for member-countries of the Organization for Economic Co-operation and Development (OECD), Al-Rashidi told KUNA on the sidelines of the seventh meeting of the ministerial committee in charge of monitoring the agreement on Sunday.

He noted that commitment to the agreement was recorded at 107 percent last year, adding that the recent global economic growth helped reduce the percentage of oil reserves by increasing demand on oil

Source: Kuwait News Agency