KPC to coordinate with clients on slashing oil output

KUWAIT: Kuwait Petroleum Corporation declared on Sunday it would coordinate with clients in international markets to cut its supplies of the Kuwaiti crude oil in line with the State of Kuwait adherence to the recent accord reached between OPEC and the organization partners, effective as of May 1.

The KPC affirmed in a statement its full support to the country role as to ensuring success of the deal for serving all stakeholders’ interests and for sake of restoring balance to the global oil markets.

OPEC member states and non-OPEC partners agreed at a meeting on April 13 on slashing the oil output by 9.7 million barrels per day as of May 1 for a preliminary period extending for two months and ending on June 30. They also agreed on decreasing the production for a six month period from July 1 until December 31 at a rate of 7.7 million bpd. – KUNA