Kuwait’s OilMin: “Fully committed” to implement accord to reduce oil output

Kuwait’s official news agency, KUNA, reported the latest comments from the country’s Oil Minister Khaled al-Fadhel, with the key headlines found below.

 Kuwait is “fully committed” to implementing an agreement between oil-exporting countries to cut production in order to support crude prices.

Kuwait has cut its own output by more than required by this agreement.

The compliance of Kuwait was close to 160% last July.

Fears of a global economic downturn, which have weighed down on prices, were “exaggerated”.

Global demand for crude should pick up in the second half, helping reduce the surplus in oil inventories gradually.

Both crude benchmarks are down over 1% amid a renewed risk-aversion wave that gripped the European markets. And, hence, the above comments on the OPEC’s output cut policy have little impact on the prices.