Kuwait Cutting Oil Output Ahead of Schedule, Minister Says
- Producer is first in Gulf to announce it’s cutting before May
- OPEC+ to curtail supply as pandemic demolishes oil demand
Photographer: Joe Raedle/Getty Images
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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.