Kuwait Petroleum Corporation (KPC) is set to cooordinate with clients in international markets in an effort to cut its supply of Kuwaiti crude oil in accordance with OPEC oil cuts, according to KUNA

The KPC is set to cut production on May 1 and is fully committed to ensuring the success of the deal so as to protect the stakeholder’s interests and to restore balance to the global oil markets, the company said in a statement.

OPEC member states and non-OPEC partners  agreed to slashing oil production by 9.7 million barrels per day (mmbbl/d) for a preliminary period of two months finishing on June 30. Subsequently, after the termination of the initial production cuts there will be further reduced cuts from July to December at a rate of 7.7 mmbbl/d.