When is 60 percent compliance a good thing? When it’s not 40 percent… That is the latest status on the non-OPEC nations who agreed to November’s production cut, as discussed at the first meeting of the monitoring committee, held in Vienna last week. Kuwait chairs the five-member committee which also includes Algeria, Venezuela, Russia and Oman. Asked by Reuters about compliance with the deal so far, Saudi energy minister Khalid al-Falih said it had been “very good” and the Russian Energy Minister Alexander Novak also said he was satisfied. Bloomberg reported that in January compliance was 48 percent, equating to an output reduction of 270,000. However despite the February non-OPEC compliance figure being anywhere between 60 and 66 percent , the Oil Minister for Kuwait Essam al-Marzouq is calling for more action. As one insider told Reuters, “This shows the seriousness of OPEC and non-OPEC in implementing the agreed […]