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FINANCIAL NEWS
Kuwait reduces Jan oil output to 2.707mn barrels
09 Jan 2017
(MENAFN) Kuwait has reduced oil production in Jan to almost 2.707mn barrels per day, reaching its output target under OPEC supply cut agreement.
The country joins KSA, which also cut production this month by at least 486.000 bpd to its 10.058mn bpd target, which it fully applied OPEC’s deal to cut output.
Accordingly, Kuwait agreed to reduce output by 131.000 bpd starting January 1, from its Oct baseline production of 2.838mn bpd.
Moreover, the country produced 2.9mn bpd in Dec, while the pledges by main OPEC producers like KSA and its Gulf OPEC allies Kuwait and the UAE will comply with the cut deal.
M
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