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OPEC/non-OPEC coalition to restore oil cut compliance to 100%: Falih

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OPEC/non-OPEC coalition to restore oil cut compliance to 100%: Falih

Vienna — OPEC and its 10 non-OPEC partners have agreed to restore compliance with theirproduction cuts to 100%, implying a nominal distribution of "just under 1million b/d" between the 24 countries, Saudi energy minister Khalid al-Falihsaid Friday.

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How that output rise would be allocated among the members would be finalizedtomorrow, Falih told reporters, emerging after nearly five hours of talks withhis OPEC counterparts in Vienna.

"We know that certain countries don't have the spare capacity and others do soit will be disproportional in terms of which countries are actually able topump the additional crude, but it will not be above the 1 million for surecollectively," Falih said.

Nigerian oil minister Emmanuel Kachikwu said the deal would result in theaddition of 700,000 b/d in actual production among OPEC's 14 members.


--Edited by Andy Critchlow,