DUBAI, Dec 13 (Reuters) - Kuwait Petroleum Corporation (KPC) said on Tuesday it had officially notified its customers of a cut in their contractual crude oil supplies for January, in line with a deal with OPEC to reduce production.
“As part of the commitment and obligation to the OPEC agreement, Kuwait will implement its share of the reduction, which shall take effect January 2017,” KPC told its customers in a fax sent on Sunday.
“We are currently doing everything possible to cushion the effect of the reduction on our end users and the implementation mechanism will be notified to you at a later stage.”
OPEC and non-OPEC producers on Saturday reached their first deal since 2001 to curtail oil output jointly and ease a global glut after more than two years of low prices. (Reporting by Rania El Gamal; Editing by Mark Potter)