Kuwait is promising to decrease its oil production in response to Saudi Arabia’s call for fellow members of the Organization of the Petroleum Exporting Countries (OPEC) to cut more supply in order to aid in restraining the global glut, The National reported.
Kuwait Petroleum (KPC) has agreed with customers in the US to decrease contractual sales volumes of oil for the current year 2017, KPC stated. Kuwait’s announcement came a day after the UAE Minister of Energy, Suhail Al Mazrouei, said that Abu Dhabi National Oil Co (ADNOC) would trim shipments of Murban, Das, and Upper Zakum crudes by 10% starting in September, Dot Emirates informed.
“Kuwait’s compliance with the OPEC agreement has led to a decrease in its production and thus a reduction of its exports,” KPC stated, citing the acting Managing Director of Global Marketing, Emad Al Abdulkarim. “The US market was the most affected by this reduction,” KPC added.
The UAE is OPEC’s fourth-largest producer, while Kuwait is the fifth, according to Bloomberg.