State-owned Kuwait Petroleum Corp has informed its customers of a 22% reduction in their crude oil contractual volumes from July through December, in line with its commitments under the new OPEC+ production cut agreement, according to a statement on the OPEC website.
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The 23 members of the OPEC+ alliance agreed earlier this month to reduce production by 9.7 million b/d in May and June,
followed by a 7.7 million b/d drop in the second half of the year and 5.8 million b/d cut from January 2021 to the end of April 2022. The agreement is intended to counteract plummeting demand caused by the coronavirus pandemic.
The reductions for the second half of the year follow a previous announcement from KPC to its customers alerting them to a curtailment in production for May and June.
Kuwait’s quota for those two months will be 2.17 million b/d, rising to 2.30 million b/d for the rest of the year.
According to S&P Global Platts’ latest monthly survey of OPEC production, Kuwait produced an average of 2.90 million b/d in March.
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