Kuwait said to cut crude oil exports

Kuwait’s national oil company, Kuwait Petroleum Corp. (KPC), has agreed with customers in the US to reduce contractual sales volumes of oil for 2017, Bloomberg reported.

“Kuwait’s compliance with the OPEC agreement has led to a decrease in its production and thus a reduction of its exports,” Emad Al-Abdulkarim, acting managing director of global marketing at KPC, was quoted as saying.

“The US market was the most affected by this reduction,” he added.

Kuwait’s announcement comes after Saudi Arabian Minister of Energy and Industry Khalid Al-Falih asked all OPEC members to ensure strict compliance to the output caps set under last year’s agreement on production limits.

Kuwait, which promised a reduction of 131,000 barrels a day, has a compliance rate of 98 percent, according to the International Energy Agency.

Earlier, UAE-based Abu Dhabi National Oil Co. (ADNOC) had also announced that it would cut shipments of Murban, Das and Upper Zakum crudes by 10 percent starting in September.