April 12, 2020 / 8:06 PM / 2 months ago

Kuwait says its effective oil cut is above 1 million bpd: oil minister

DUBAI (Reuters) - Kuwait’s oil minister said on Sunday that his country would be cutting more than 1 million barrels per day in actual oil supply, taking into consideration its current April production of around 3.25 million bpd.

Khaled al-Fadhel was speaking to Reuters by telephone after OPEC, Russia and other oil producing nations, a group known as OPEC+, agreed the biggest oil cuts in history reducing output by around 10% of global supply, to support oil prices amid the coronavirus pandemic.

Kuwait’s April output is higher than the reference level for the cuts under the new agreement, meaning the effective reduction by the Gulf OPEC producer is more than announced earlier on Sunday.

Reporting by Rania El Gamal; Editing by Alison Williams

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