State-owned Kuwait Petroleum Corp (KPC) said this week it was committed to an oil output cut agreed by the Organization of Petroleum Exporting Countries at a meeting in Vienna in November, Kuwait’s state news agency KUNA reported.
KPC said in a statement it had notified its clients of the production cuts from the start of January, saying they will be in effect for the whole of the first quarter of 2017.
Under the agreement reached in Vienna on November 30th to cut output by 1.2mn barrels per day, Kuwait would cut its production by 131,000 bpd.
It is worth mentioning that Kuwait’s proven oil reserves amounting to 102 billion barrels Qualifies Kuwait to rank 7th largest oil reserves in the world.
Kuwait is a top producer and net exporter of oil. It exports the third largest volume of oil amongst the OPEC member nations despite having the second smallest land size.
Kuwait adopts obvious grounds and instructions in its oil policies seeking the optimum exploitation of the available hydrocarbon energy sources.
In addition, Kuwait is following an oil policy promoting their petroleum position, maintaining its leading role in OPEC, and preserving its oil interests in proportion to its current production capacity and oil reserves.