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UAE, Kuwait promise oil production cut

The UAE and Kuwait have committed to further oil production cuts from September.28 Jul 2017

UAE Minister of Energy Suhail Al Mazrouei said on Twitter that the UAE is committed to its share of OPEC production cuts and will reduce all crude exports for September.

Abu Dhabi National Oil Company's shipments of Murban, Das and Upper Zakum crudes will be 10% lower from September, he said.

Kuwait followed suit in promising to pump less oil, The National news site has reported.

Kuwait Petroleum has agreed with customers in the US to reduce contractual sales volumes of oil for 2017, the state-run company told The National.

The announcements followed criticism by the Saudi Arabian minister of energy and industry Khalid Al Falih of members of the OPEC who haven’t fulfilled their promised supply reductions, The National said. 

Kuwait has complied at an average rate of 98% with its pledged reduction of 131,000 barrels a day, while the UAE has implemented only 54% of its promised 139,000 barrel-a-day cut on average, the International Energy Agency said in its latest oil report.

Saudi Arabia issued a statement in March stressing its commitment to lower oil production in response to OPEC figures showing increased production by the kingdom in February.

The International Energy Agency predicted last year that the international oil glut would end by mid-2017 if OPEC sticks to its production target and non-OPEC producers deliver agreed cuts.

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