Kuwait joins UAE in pledge to cut oil output
They act after Saudis criticise Opec members who haven't fulfilled their promised supply reductions
Dubai
KUWAIT joined the United Arab Emirates (UAE) in promising to pump less oil after Saudi Arabia called on fellow Opec producers to cut more supply to help curb the global glut.
Kuwait Petroleum Corp (KPC) has agreed with customers in the United States to reduce contractual sales volumes of oil for 2017, state-run KPC said. The announcement came a day after UAE Minister of Energy Suhail Al Mazrouei said Abu Dhabi National Oil Co would trim shipments of Murban, Das and Upper Zakum crudes by 10 per cent starting in September.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Glencore now sees FY trading division profit between US$3 billion-US$3.5 billion
Hong Kong team plants seeds to safeguard legacy grains
Gold holds steady as investors focus on US Fed meeting
Chevron CEO expects ExxonMobil arbitration resolved in coming months
Oil falls more than US$1/barrel on Middle East peace talks, US rate cut doubts
Diamond giant De Beers is in the shop window, but the potential buyers are few