Kuwait to Voluntarily Further Reduce Production by 80,000 bbl/d

Wednesday, 13th May 2020
by Editorial Team

KUWAIT – JANUARY 15: A derek pumps in a oil field January 15, 2003 near the Saudi Arabian border, Kuwait. Kuwait produces 10% of the worlds oil and has promised to increase production as needed in the event of a war in Iraq. (Photo by Joe Raedle/Getty Images)

Kuwait’s oil minister, Khaled Al-Fadhel, announced that Kuwait will support the Kingdom of Saudi Arabia’s efforts to restore stability to oil markets by cutting production by a further 80,000 barrels per day (bbl/d), according to KUNA.

This cut is in addition to the previous agreed OPEC+ cuts which effectively exceeded 1 million barrels per day (mmbbl/d).

Al-Fadhel expressed in a statement that the State of Kuwait welcomes joint coordination with the Kingdom of Saudi Arabia and will thus take a voluntary cut in national production.

Saudi Arabia announced that it will voluntarily cut production on top of the OPEC+ deal, amounting to a total reduction of 32% or 4.8 million barrels per day (mmbbl/d).