Kuwait: petroleum price surge does not threaten the OPEC+ agreement
High oil prices do not threaten the implementation of an agreement to reduce the production of "black gold" by OPEC+, said the Minister of Oil, Water and Electricity of Kuwait Bakheet Al-Rashidi He stressed that the parties of the agreement are committed to its implementation and are not looking at the growth of oil quotations, but are watching the state of the market. The minister also said that some countries exceeded their obligations to reduce oil production, but, in general, the level of the OPEC+ agreement implementation surpassed all expectations, reaching 125 percent. Strong growth in the cost of oil in the world market has recently generated a lot of rumors and forecasts that the OPEC+ countries will rush to withdraw from the agreement in order to get the maximum financial benefit from the situation. However, these forecasts are not justified yet. As the head of the Ministry of Energy of Russia Alexander Novak stated, for Russia the main thing is not the price increase, but the balance of supply and demand. Though many experts are cautious and forecast oil prices at $50-60 a barrel in 2018, most recently the price of "black gold" for the first time in a long time exceeded the mark of $70 a barrel.
