Kuwait Announces Additional Voluntary 135,000-Bpd-Cut As Of Jan. '24


(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, Nov 30 (KUNA) -- Kuwait will voluntarily cut crude oil output by 135,000 barrels per day for three months starting January 1, 2024, First Deputy Prime Minister and Minister of Oil Dr. Saad Al-Barrak announced on Thursday.
Thus Kuwait oil production will stand at 2.413 million bpd until the end of March 2024, Al-Barrak, who is also minister of state for economic and investment affairs and board chairman of the Kuwait Petroleum Corporation, said in a statement following his participation in the 187 OPEC ministerial meeting and the 36 OPEC+ alliance ministerial meeting via videoconference.
The minister noted the decision was taken in coordination with other producers of the OPEC+ group.
He said that this an additional reduction to the previously announced by Kuwait in April 2023 and estimated at 128,000 bpd until the end of 2024.
Al-Barrak pointed out that the cuts are preventive measures taken by the OPEC+ alliance to ensure market stability and balance. (end)
msa


MENAFN30112023000071011013ID1107517928


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.