The market is on a recovery track due to rising global demand, Kuwait’s Organisation of the Petroleum Exporting Countries Governor Haitham Al-Ghais told Reuters.
In an effort to eradicate a supply glut, the OPEC is curbing output by 1.2 million barrels per day (bpd) until March 2018, while Russia and other non-OPEC producers are cutting half as much
targets despite the cut agreement.
A ministerial committee from OPEC and non-OPEC countries, which is headed by Gulf OPEC member Kuwait, meets in Russia on July 24 to discuss compliance with the cuts, from which Nigeria and Libya are exempted due to years of output-sapping unrest.
But oil prices have fallen more than 15 percent this year due to still-booming supplies and stubbornly high global stocks, which remain way above OPEC
Abiodun oyindamola, with Agency report