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KPC: Kuwait sticks to OPEC's oil output cap

Kuwait Petroleum Corporation (KPC)
Kuwait Petroleum Corporation (KPC)
KUWAIT, Dec 9 (KUNA) -- The Kuwait Petroleum Corporation (KPC) announced Friday that coordination for its oil production cut as of early January 2017, as agreed within OPEC, was currently going on as planned, and that it would soon inform its clients about an oil supply drop.
The cut comes in line with Kuwait's commitment to the Resolution 171 adopted by the OPEC during its ministerial meeting held on November 30th, 2016, stipulating that each member state would stick to a specific oil output cut, the KPC said in a release.
But, the resolution stated that some OPEC member states like Libya and Nigeria could not be involved due to their current conditions.
OPEC and non-OPEC oil ministers are set to come together in Vienna on Saturday in order to shore up the OPEC's oil supply cap, the KPC added.
Oil prices have surged by around eight dollars per barrel since the OPEC's cut resolution was announced on November 30th. (end) osj.ysa.mt