Baku, Azerbaijan, July 24
By Elena Kosolapova – Trend:
OPEC and non OPEC oil producers fulfilled the agreement on cutting oil production by about 90 percent in June, Kuwait's oil minister Essam Al-Marzouk told reporters in Saint-Petersburg on Monday, Ria Novosti reported.
Essam Al-Marzouk arrived in Saint-Petersburg to take part in the meeting of Joint OPEC-Non-OPEC Ministerial Monitoring Committee.
Earlier Kuwait's oil minister met with his Russian Energy Minister Aleksandr Novak. The two ministers discussed bilateral cooperation and OPEC deal.
OPEC has agreed to slash the output by 1.2 million barrels per day from Jan. 1, with top exporter Saudi Arabia cutting as much as 486,000 barrels per day. Non-OPEC oil producers such as Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan, and South Sudan agreed to reduce the output by 558,000 barrels per day. The agreement was for six months period, extendable for another six months.
In May, all the participants of last year's agreement agreed to extend it to another nine months.