Oil production cut agreement will fully be implemented in February

Algeria’s energy minister Nourredine Bouterfa Thursday said oil production cut agreement by 1.8 million barrels per day will be totally applied in February. So far, 1.5 million barrels have been reduced.

Bouterfa told Echorouk concerned nations respect the oil production reduction agreement. “Thanks Allah, the agreement is applied by everyone.”

He added that another meeting after that of Vienna will be held in March in Kuwait. It will assess the implementation of the oil agreement.

According to the minister, reduction levels between OPEC’s members and independent producers reached 1.5 million barrels per day. They are expected to reach 1.8 million in February.

“At present, things are going on well. The agreement’s aim is to reduce 1.8 million. It can be done in February. We want the agreement to be fully implemented,” he said.