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OPEC and non-OPEC producers are expected to reduce production by almost 1.8 mil bpd, with Saudi Arabia agreeing to bear the largest share of the cuts. Iraqi Oil Minister Jabar Ali al-Luaibi said on Wednesday that he would cut supply by around 210,000 bpd from January. Iranian oil minister Bijan Zanganeh also said on Tuesday he expected OPEC to abide by the deal. "While competing, we do have engagement," Iranian news agency Shana quoted him as saying. OPEC member Venezuela also reiterated that it will cut 95,000 bpd of oil production in the New Year.
Kuwaiti oil Minister Essam Al-Marzoup said on Wednesday that preparations are being made to hold the first meeting of the committee responsible for monitoring compliance with a global agreement to cut production in Vienna on Jan 21-22. The meeting was originally thought to be held in Abu Dhabi on Jan. 13. In addition to Kuwait, which heads the committee, members also include Algeria, Venezuela and two participating non-OPEC countries Russia and Oman.

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