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Kuwait to cut oil output by 100,000 bpd
AFP
KUWAIT CITY
Petroleumworld.com 10 27 06Kuwait said on Thursday it will cut oil output by 100,000 barrels per day (bpd) starting on November 1 in line with an OPEC decision to slash overall production by 1.2 million bpd.
"Kuwait has decided to reduce its oil production by 100,000 bpd starting November 1, in keeping with OPEC's decision during its recent meeting in Doha," the state KUNA news agency quoted an oil official as saying.
Kuwait, which sits on about 10 percent of the world's oil reserves, has been pumping some 2.6 million barrels daily against an OPEC quota of 2.247 million bpd.
The Organization of Petroleum Exporting Countries decided on October 20 to slash its oil production by 1.2 million bpd from the start of November, attributing the move to an over-supplied market.
The cut will reduce the cartel's actual production to 26.3 million bpd from 27.5 million bpd currently, which is below its official quota of 28 million bpd, in place since July 2005.
AFP 26 1454 GMT 10 06
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