Kuwait stated that The Organization of Petroleum Exporting Countries and its associates, which include 11 other producers, would realize the completion of an agreement to slash production, having previously achieved 60 to 70 percent of the undertaken cuts.

Kuwaiti Oil Minister stated that OPEC’s member countries, including Saudi Arabia, the United Arab Emirates, Russia, Kuwait, Qatar and Iraq have publicized decreases that make up the majority of the agreement reached in 2016. The minister added that full realization of the agreed cutbacks in production will not happen overnight but will be a process to be executed over a period of around 6 months.

At the end of last year, OPEC and its members agrees to collectively decrease production by almost 2 million barrels a day in an attempt to bring a three year long oil surplus to an end. The agreement sent prices plummeting and damaged the economies of manufacturing countries across the globe.

Although when OPEC previously attempted to decrease production the most compliance from member nations was 70%, Kuwaiti Oil Minister Al Marzouk is confident that member countries will adhere to the agreed upon decreases in production.

“Several of the nations party to the agreement are permitted to ensure their standard production is less on average for the duration of the first half the first instead of immediately implementing cuts from the 1st of January” said William Carr at China based INTO Investments

“There will be a meeting of the nations that make up the committee to supervise the implementation of the deal towards the end of this month,” added Carr.