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Wed 4 Jan 2017 01:51 PM

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Kuwait Petroleum Corp says committed to new oil output cut

State-owned energy giant has notified its clients of the production cuts from the start of January

Kuwait Petroleum Corp says committed to new oil output cut

State-owned Kuwait Petroleum Corp (KPC) said on Wednesday 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 Nov. 30 to cut output by 1.2 million barrels per day, Kuwait would cut its production by 131,000 bpd.

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