Kuwait committed to OPEC oil output cut, says Kuwait Petroleum Corp
(MENAFN- Emirates News Agency (WAM))
KUWAIT, 4th January, 2017 (WAM) -- State-owned Kuwait Petroleum Corporation, KPC, on Wednesday said it was committed to an oil output cut agreed by OPEC at a meeting in Vienna in November, Kuwait's state news agency KUNA reported.
KPC said in a statement it had notified its clients of the production cuts from the start of January, saying they will be in effect for the whole of the first quarter of 2017.
Under the agreement reached in Vienna on 30th November to cut output by 1.2 million barrels per day, Kuwait would cut its production by 131,000 bpd.
Kuwait is heading the OPEC committee responsible for monitoring compliance with the global agreement to reduce oil output.
Other members of the committee also include OPEC members Algeria and Venezuela, and non-OPEC producers Russia and
Oman.
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