OPEC/non-OPEC monitoring committee to look at oil output increase: Kuwait

OPEC

Kuwait's energy minister said a joint OPEC and non-OPEC monitoring committee would look at how oil output increases will be allocated among producers, the official news agency KUNA reported late on Saturday.

Asked about the mechanism to allocate production among OPEC and non-OPEC members following an agreement on Saturday to raise supply by returning to 100 percent compliance with previously agreed output cuts, Bakhit al-Rashidi said:

"This matter will be left for later for the market monitoring committee ... with the aim of reaching the best result in allocating it among the 24 participating countries."

OPEC and its allies have since last year been participating in a pact to cut output by 1.8 million barrels per day.