January 6, 2009 / 3:19 PM / in 10 years

Kuwait cuts oil supply to U.S., Europe by 10 pct

DUBAI, Jan 6 (Reuters) - 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)

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