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OPEC’s Secretary General to visit Kuwait for crude output talks

KUWAIT: OPEC’s Secretary General Mohammad Barkindo is scheduled to visit Kuwait on Sunday to discuss with Oil Minister Essam Al-Marzouq task mechanisms of the organization’s committee charged with monitoring crude output.

Kuwait’s Ministry of Oil said in a statement yesterday that the visit by Barkindo, who would be accompanied by a delegation during his four-day stay in the country, signaled Kuwait’s significant status as chairman of the production monitoring commission and the Gulf state’s leading role in conventions of the Organization of Petroleum Exporting Countries.

Minister Marzouq, who will meet the OPEC secretary general during the visit, doubles as Minister of Electricity and Water. The Ministry’s statement added that Barkindo’s mission follows OPEC member states’ agreement, on November 30th, to slash the overall crude oil output by 1.2 million barrels per day, effective January 1st.

The Kuwait chaired watchdog commission includes as members Algeria and Venezuela from OPEC, non-OPEC members Russia and Oman. Meanwhile, Kuwait Petroleum Corporation (KPC) stressed yesterday Kuwait’s commitment to the Petroleum Exporting Countries’ (OPEC) decision to reduce oil production to about 1.2 million barrels per day starting in January. Kuwait’s share of the reduction is around 131,000 barrels a day, and will be until the end of the first quarter of 2017, said in statement. —KUNA

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