In line with the Opec deal to reduce production, Kuwait Petroleum Corporation (KPC) said it had officially notified its customers of a cut in their contractual crude oil supplies for January.
“As part of the commitment and obligation to the OPEC agreement, Kuwait will implement its share of the reduction, which shall take effect January 2017,” KPC told its customers in a fax sent early this week.
“We are currently doing everything possible to cushion the effect of the reduction on our end users and the implementation mechanism will be notified to you at a later stage.”
A few days earlier, OPEC and non-OPEC producers had reached their first deal since 2001 to curtail oil output jointly and ease a global glut after more than two years of low prices.
