#Kuwait cutting oil output ahead of schedule, minister says - Arabianbusiness

Kuwait cutting oil output ahead of schedule, minister says - Arabianbusiness:

Kuwait said it has started cutting oil output ahead of May 1, the date when suppliers worldwide plan to start slashing production to counter a devastating glut.

The fourth-biggest member of OPEC “felt responsibility to respond to market conditions” and acted on its own, Oil Minister Khaled Al-Fadhel said, according to the official Kuwait News Agency. He didn’t specify whether Kuwait has reduced production by the full amount it pledged to cut, or only part of it.

Kuwait is the first major producer in the Gulf, the world’s most prolific oil-producing region, to announce that it’s pumping less oil ahead of schedule. Like other members of the so-called OPEC+ coalition, it committed to pare production by 23% starting from May 1. Kuwait made a “sovereign” decision and wasn’t pressured to reduce output early, Al-Fadhel said.