OPEC members have exceeded their targeted output cuts by 40%, according to the Kuwaiti energy minister.
Non-OPEC members, meanwhile, have made between 50-60% of their targeted cuts, said Essam Al-Marzouq, Kuwait’s minister for oil, water and electricity, reported by Kuwait’s state news agency, Kuna.
Al-Marzouq attributed the fall in output to large, voluntary cuts made by Saudi Arabia to muster confidence in the output reduction agreement that OPEC members reached last year.
OPEC, the Organization of the Petroleum Exporting Countries, is hoping to raise the price of oil by a concerted effort to reduce supply.
Despite these efforts, the oil price has barely risen since an initial jump after the agreement was made. A barrel of Brent crude has stayed at around $55 for most of this year.
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