Kuwait’s oil minister Essam Al Marzouq said the cartel is pushing for non-members who agreed to the deal to increase their share of the cuts. Currently non-OPEC members’ compliance level is at 50%, compared to 92% for members.
Al Marzouq noted that at the time of the deal, there was an understanding that participants would increase cuts gradually. Now however there is an expectation that compliance will go up.
“We understand the circumstances, and in February we are talking to non-OPEC producers to raise their cuts according to their commitments,” said the minister, according to a Bloomberg report.
Petronas has made a third oil and gas discovery in Suriname's offshore Block 52, the Malaysian company announced on Wednesday Read More
Japanese power generation player JERA on Thursday announced plans to invest USD 32 billion in LNG, renewables and new fuels… Read More
Chevron is planning to exit its North Sea operations after 55 years of activity in the oil hotspot, Reuters reported… Read More
Seatrium has been awarded a contract by SBM Offshore for the topsides fabrication and integration of an additional FPSO vessel… Read More
Diamond Offshore has secured a USD 350-million extension for an ultra-deepwater drillship deployed for Anadarko Petroleum in the US Gulf… Read More
ExxonMobil has made a discovery in the Angolan deepwater, the country's energy regulator announced on Monday Read More
This website uses cookies.