Gulf energy firms to cut production

Oil companies in Qatar and Kuwait have announced that they will reduce production levels from the beginning of the year.
The reduction — beginning on Jan. 1 — comes following the recent decisions by OPEC and non-OPEC oil-producing countries to cap output.
“We have started advising our customers of the expected reductions in oil deliveries to ensure the state’s compliance with OPEC’s allocations,” said a statement from Saad Sherida Al-Kaabi, president and CEO of Qatar Petroleum.
“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 Nov. 30 2016.”
Kuwait Petroleum Corp. (KPC) also said on Tuesday it has informed its clients that their export quantities will be reduced, starting in January.
KPC said this was part of the Gulf state’s commitment under the OPEC deal last month.
Local media said Kuwait’s share is around 130,000 barrels a day out of its daily output of 3.0 million bpd.
UAE’s ADNOC had announced earlier that it was also “committed to meeting new OPEC terms,” adding on Twitter 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 (UAE) were among the OPEC countries which agreed to reduce output by 1.2 million barrels per day (bpd).
This was followed earlier this month by non-OPEC oil producing countries agreeing a cut of 558,000 bpd.

Source: Arab News