Saudi Arabia & Kuwait Start Cutting Oil Output Ahead of Schedule
04.27.2020 By Ricardo Perez - NEWS

April 27, 2020 [Oil & Gas 360º – Published on April 26, 2020] – The two nations acted prior to the May 1 deadline set by OPEC+.

 
Saudi Aramco has reportedly started reducing production from 12 million barrels per day (bpd) to hit its target of 8.5 mbpd, Bloomberg reported. It made the move prior to the May 1 start date of the OPEC+ agreement, which will limit supply as the coronavirus pandemic has slashed demand globally.

Kuwait has also started cutting its oil output ahead of May 1, when suppliers are due to start cutting supply in accordance with the latest OPEC+ deal, according to the nation’s oil minister.

Oil Minister Khaled Al-Fadhel said that he “felt responsibility to respond to market conditions” and acted early, Kuwait News Agency reported. He did not disclose the amount of production cut, but it will slash 23% of production by May 1.

Al Fadhel added that he was not pressured to reduce output, and Kuwait made a “sovereign” decision.

————-

Click Here to Access Today a 4,900 Tank Terminal Database With a Pro Trial
Click on the button and register to get instant access to actionable tank storage industry data

Plans to Build a $5.5 Billion Refinery in Cushing Have Been Delayed
07.19.2024 - NEWS
July 19, 2024 [Simbaforkids]- In May 2023, it was announced that Southern Rock Energy Partners wo... Read More
Oil Prices Gain 2% on Big US Storage Withdrawal, Weaker US Dollar
07.19.2024 - NEWS
July 19, 2024 [Reuters]- Oil prices climbed about 2% on Wednesday on a bigger-than-expected weekl... Read More
Vopak Starts Office in Japan for Storage of Energy Transition Fuels
07.19.2024 - NEWS
July 19, 2024 [Reuters]- Dutch tank storage firm Vopak has opened a new office in Tokyo, Japan, t... Read More
CMC Contract for LNG Vasiliko Likely to be Terminated
07.19.2024 - NEWS
July 19, 2024 [Cyprus Mail]- The contract between the state Natural Gas Infrastructure Company (E... Read More