Kuwait Pledges Support for OPEC Cuts
Kuwait's new oil minister, Khaled Al-Fadhel, has pledged an ongoing commitment to OPEC's production cuts in his first statement to the Kuwait News Agency after being appointed last week.
OPEC's latest supply accord commits its 11 participating members to 3% cuts in oil production to help revive flagging prices, Platts reported.
Kuwait has been handed a 2.724 million barrels per day quota under the new deal agreed earlier this month.
"The oil market is in a better place today than it was a few years ago," said Fadhel in a statement.
Oil prices have plummeted to below $54 per barrel on Thursday from a near-term high of $86 per barrel in October, despite OPEC's agreement with Russia and other allies to cut supply by a total 1.2 million bpd.
Kuwait pumped 2.79 million bpd in November, making it OPEC's fifth-largest producer, according to an S&P Global Platts survey of shipping data, analysts and industry officials.
Fadhel, a former professor at Kuwait University, replaces Bakhit al-Rashidi, who resigned last week.
Kuwait -- which is partly governed by an elected National Assembly-- frequently shuffles its cabinet of ministers. However, changes at the oil ministry are unlikely to change strategy, with oil policy tightly controlled by the country's Supreme Petroleum Council, which is headed by the country's prime minister, Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah.
Kuwait is a founding member of OPEC and is closely aligned to Saudi Arabia and some Persian Gulf Arab states within the group.
source: Financial Tribune
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