Qatar cuts output in line with OPEC agreement

QATAR CUT: The Gulf state has announced it has cut oil production to Asia in line with the OPEC agreement. (Getty Images)

Qatar has cut crude oil exports to Asia by 40,000 barrels per day (bpd) from this month in line with OPEC's agreement to curb output by 5 percent, Qatar Energy Minister Abdullah al-Attiyah said on Tuesday.

"I instructed the marketing department to implement OPEC decisions," he said while on a visit to the Japanese capital for meetings on economic ties. He said that all of Qatar's exports are shipped to Asia.

Qatar follows other OPEC members from the United Arab Emirates to Iran to Nigeria in confirming that it has cut immediate shipments to comply with OPEC's deal 11 days ago to cut production by 1.5 million barrels per day (bpd), although Saudi Arabia has yet to notify customers in Asia of curbs.

Asked whether he thought OPEC might need to cut output again he said: "I don't know yet, it's very early to predict."

"OPEC is not discussing the price, mainly our concern is the balance between supply and demand," he said. "All the analyses showed that there will be a lower demand of oil in the fourth quarter because of the economic crisis in the world."

Oil prices have more than halved from their early July record high above $147 a barrel as high prices and the onset of a likely global recession cut deep into fuel consumption and tumbling financial markets force investors to sell off commodity holdings. (Reuters)

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