head of a committee

Saudi Says ‘committed’ To Oil Market Stability

by

Saudi Arabia is committed to stabilising the global oil market, the energy ministry of the world’s biggest oil exporter said on Tuesday, as prices fell below $48 a barrel. OPEC and non-OPEC countries last year pledged to reduce output by around 1.8 million barrels per day (bpd) as part of a concerted effort to curb … Read more

OPEC Output Cuts Exceed Target

by

OPEC compliance with oil output reductions has exceeded the target because of higher Saudi cuts, Kuwaiti Oil Minister Essam al-Marzouk, head of a committee overseeing the decreases, said Wednesday. Non-OPEC compliance, however, has so far been modest, the minister told reporters outside parliament. Under a deal signed last year, OPEC and non-OPEC countries agreed to … Read more