OPEC plans to call on its non-members to actively cut output
Kuwaiti oil minister Essam Al Marzouq said that OPEC will ask non-OPEC producers to actively cut their output.
According to him, current oil prices are good and are expected to rise with higher compliance to an output reduction deal agreed to by OPEC and non-OPEC producers.
He stressed that OPEC compliance was 92% while that of non-OPEC producers was 50%.
"We understand why the level of compliance of non-OPEC is as such but we also aim to reach 100% compliance," Reuters cited Marzouq as saying.
He added that the non-OPEC countries have pre-set commitments and that compliance to the cut would be gradual.
Eleven of the 13 OPEC members are cutting crude output by about 1.2 million barrels per day from January 1 while Russia leads 11 non-OPEC producers which have agreed to cut output but half that amount.