Qatar, Kuwait companies to reduce production from beginning of 2017
Oil companies in Qatar and Kuwait have announced that they will reduce production levels as of the beginning of 2017.
The announcement comes following the recent decisions by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil-producing countries to cap their output.
In a statement, President and Chief Executive of state-owned Qatar Petroleum, Saad Sherida Al-Kaabi said:”We have started advising our customers of the expected reductions in oil deliveries to ensure the state's compliance with OPEC's allocations."
"This decision comes in line with the state of Qatar's commitment to the recently agreed production levels by the members of OPEC during its ministerial meeting held on 30 November, 2016,” he noted.
Al-Kaabi didn’t release any further details about Qatar Petroleum’s production levels.
Meanwhile, Kuwait Petroleum Corp (KPC) said it has informed its clients that their export quantities will be reduced, starting in January.
KPC went on further adding that the decision was part of the Persian Gulf state's commitment under the OPEC deal last month.
The company didn’t provide any details of the quantities to be reduced, but local media said Kuwait's share is around 130,000 barrels a day out of its daily output of 3.0 million bpd.
Back on Saturday, UAE's ADNOC had announced that it was also "committed to meeting new OPEC terms", adding that it will "work closely with customers on revised allocations for January."
ADNOC produces more than 3.15 million bpd.
On November 30, Qatar, Kuwait and the United Arab Emirates were among the OPEC countries which agreed to reduce their output by 1.2 million barrels per day.
Earlier this month, non-OPEC oil producing countries agreed a cut of 558,000 bpd.
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