Kuwait says it's cutting oil production before May 1st deadline
- 4 years ago
쿠웨이트 "OPEC+ 감산일 전 산유량 감축 이미 시작"
Kuwait says it has already started cutting oil output ahead of May 1st,... the date when global suppliers agreed to start slashing production to counter the devastating plunge in crude prices.
The oil minister of the fourth biggest OPEC member said Kuwait "felt responsibility to respond to market conditions" and acted alone.
However, we don't know whether Kuwait has reduced production by the full amount it originally pledged to.
Kuwait becomes the first major producer in the Persian Gulf to pump less oil ahead of schedule.
The OPEC plus coalition has vowed to cut production by 23-percent starting May First that's 9-point-7 million barrels a day in a bid to stem freefalling oil prices.
Top OPEC producer Saudi Arabia hasn't said it will cut early.
The second biggest producer, Iraq, has also remained tightlipped.
Kuwait says it has already started cutting oil output ahead of May 1st,... the date when global suppliers agreed to start slashing production to counter the devastating plunge in crude prices.
The oil minister of the fourth biggest OPEC member said Kuwait "felt responsibility to respond to market conditions" and acted alone.
However, we don't know whether Kuwait has reduced production by the full amount it originally pledged to.
Kuwait becomes the first major producer in the Persian Gulf to pump less oil ahead of schedule.
The OPEC plus coalition has vowed to cut production by 23-percent starting May First that's 9-point-7 million barrels a day in a bid to stem freefalling oil prices.
Top OPEC producer Saudi Arabia hasn't said it will cut early.
The second biggest producer, Iraq, has also remained tightlipped.