Baku. 23 January. REPORT.AZ/ OPEC and non-OPEC oil exporters have cut daily output by 1.5 mln barrels (80% of envisaged volume) since January 1. Report informs, referring to Forexpf.ru website, Saudi Arabian energy minister Khalid Al-Falih told at Vienna meeting held on January 22.
Notably, the attendants discussed observation of agreement among oil exporting countries signed on November 30 and control mechanisms. According to Kuwait’s oil minister Essam Al-Marzouk, Saudi Arabia cut 1 mln barrels of daily production and will further reduce output in February. After 1-hour meeting, the head of observation committee, including Kuwait, Russia, Algeria, Venezuela and Oman, Al-Marzouk told that all members will fulfill 100% of their obligations and they agreed on monitoring mechanisms. He told that, beside committee’s monitoring indicators, they will also consider data from İHS Cambridge Energy Research Associates, Argus Media and IEA.
It was noted that at present Saudi Arabia, Algeria and Kuwait fulfill their obligations 100%, Iraq and Venezuela – 50%, Russia – 33% (0.1 mln barrels/day). Russian energy minister Aleksander Novak told that the countries not observing their obligations will not be punished, which, according to him, may cause serious complications, if oil prices decline.