Kuwait says Opec compliance quotas fall
Kuwait's oil minister Sheikh Ahmad al-Abdullah has said…
September 12, 2009 8:22 by kippreport
Kuwait’s oil minister Sheikh Ahmad al-Abdullah has said that Opec members’ compliance to crude oil quotas has fallen to 68 percent from 77 percent in May, reports state news agency Kuna. He said that an extra 700,000 barrels of oil was present in the market.
During it’s meeting last week, Opec agreed to keep the output levels steady. The levels have not been changed since the body announced a cut of 4.2 million barrels per day in September last year.