Kuwait Oil Minister Essam Al-Marzouq said on Wednesday that OPEC’s compliance with an oil output cut reached last year stood at 140 percent in February, while non-OPEC members compliance was 50-60 percent. The Organization of the Petroleum Exporting Countries (OPEC) agreed to cut its output by about 1.2 million bpd from Jan. 1 to prop up oil prices and reduce a supply glut. Marzouq attributed the high compliance rate by OPEC members to a deep production cut by Saudi Arabia. “Saudi Arabia has voluntarily cut by more than its share to increase confidence in the output reduction issue (agreement),” he told journalists in Kuwait. He described OPEC’s compliance as “excellent” and that of the non-OPEC members as “acceptable”, adding that there was […]