DUBAI Jan 6 OPEC producer Kuwait will cut oil
supply by 10 percent from Jan. 22 to buyers in the United States
and Europe, an industry source close to the country's state oil
company Kuwait Petroleum Corporation said on Tuesday.
The cuts, along with a smaller percentage reduction to
Kuwait's main customers in Asia, would bring supply from the
world's seventh-largest oil producer in line with its OPEC
target, the source added.
"This will not take Kuwait below its target," he said. "This
will bring us to around about the target."
Kuwait has already told Asian customers that contracted oil
supplies will be cut from Jan. 22 by five percent, industry
sources told Reuters on Tuesday. [ID:nT5886]
Around 75 percent of Kuwait's crude exports go to Asia,
while the rest goes to Europe and the United States. Before the
cuts, exports were around 1.7 million barrels per day (bpd) of
total supply of around 2.6 million bpd.
Kuwait has pledged to reduce output to 2.22 million bpd in
line with steep cuts by the Organization of the Petroleum
Exporting Countries. The country pumped around 2.45 million bpd
in December, according to a Reuters survey. [ID:nL6684506]
(Reporting by Simon Webb; editing by James Jukwey)