Oil Minister of Kuwait: “The level of fulfillment of the OPEC+ deal reached 125% in December”

Countries participating in the deal to reduce OPEC+ oil production in December fulfilled the agreement by 125%. This was stated at a press conference by the Minister of Petroleum, Water Resources and Electricity of Kuwait Bakhit al-Rashidi, the Russian agency API reports. "The level of implementation exceeded our expectations and reached 125 percent in December," he said, noting that some countries exceeded the reduction plan. "We do not plan to discuss the exit strategy at a meeting of the monitoring committee in Oman. Our meeting in June will focus on the market situation, on the implementation of the agreement," - TASS quotes the Minister. Asked whether high oil prices threaten the discipline of the deal, he replied: "We are committed to the implementation of the agreement. We are not looking at prices, but are monitoring the market attentively." Earlier, Russian Energy Minister Alexander Novak said that the rise in oil prices did not threaten an agreement. According to him, Russia primarily looked at the balance of supply and demand, the price was not the main factor. He also added that the Ministry of Energy still maintained a forecast of oil prices at $ 50-60 per barrel for 2018, despite the fact that oil for the first time in a long time broke through the flow of $70 per barrel.

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