Kuwait cuts oil production

03 January 2017

Opec and non-Opec have vowed to reduce production by 1.8 million b/d from January 2017

Kuwait has slashed production by 130,000 barrels a day (b/d) from the first day of 2017, in compliance with Opec’s production cuts.

Kuwait’s current level of production stood at 2.75 million b/d, said Kuwait Oil Company (KOC) chief executive Jamal Jaafar in a statement carried by local daily Al-Anba.

Around 80 to 90 wells had halted production, he added.

According to Opec, KOC estimated its output for November 2016 at 2.9 million b/d while secondary sources placed it at 2.787 million b/d.

The reduction in production came from all fields under KOC and not just the Great Burgan field in the southeast of the country, said the report.

Maintenance work scheduled for 2018 will instead be implemented during the closure of the wells, added Jaafar.

Opec came to an historic agreement in 2016 to slash production by 1.8 million b/d from January 2017 for six months, with non-Opec led by Russia also participating in the reduction.

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