Kuwait abides by OPEC decision to cut oil production

EPA/RAED QUTENA

An industrial site during a sunset in Kuwait City, Kuwait, December 18, 2016. Kuwait has reportedly reduced oil production in January 2017 to around 2.707 million barrels per day.

Reduces oil production in January to around 2.707 million barrels per day


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Kuwait has reportedly reduced oil production in January to around 2.707 million barrels per day, Reuters reported, citing a Kuwaiti oil official on January 6.

Kuwait has said it was committed to playing its part in an agreement reached by members of the Organization of Petroleum Exporting Countries (OPEC) to cut a collective 1.2 million barrels per day. The agreement, which is aimed to reduce the world oil glut and boost prices, took effect on January 1. Kuwait is a member of OPEC and the fifth-largest producer in the cartel. Under the OPEC deal, Kuwait agreed to reduce output by 131,000 barrels per day starting January 1, from its October baseline production of 2.838 million barrels per day.

Kuwait joins Saudi Arabia, the world’s top oil exporter and biggest OPEC producer, which also cut production this month by at least 486,000 barrels per day to its 10.058 million barrels per day target, Reuters reported, citing a Gulf source.

Oil prices edged higher on January 6. Brent was trading at $57.20 per barrel at 1229 GMT. In the United States, WTI was at $54.05 a barrel.

On January 5, OPEC-member Iraq said it also reportedly started cutting oil output to comply with the agreement between members of the oil cartel.

 

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