Kuwait Petroleum Corporation (KPC) stressed Wednesday Kuwait's commitment to the Petroleum Exporting Countries' (OPEC) decision to reduce oil production to about 1.2 million barrels per day starting in January.
Kuwait's share of the reduction is around 131,000 barrels a day, and will be until the end of the first quarter of 2017, KPC told KUNA in statement. On November 30, OPEC oil ministers agreed to reduce their output by 1.2 million barrels per day.
Kuwait is heading the OPEC committee responsible for monitoring compliance with the global agreement to reduce oil output. The committee also includes Algeria and Venezuela from OPEC in addition to Russia and Oman.