Business | Oil & Gas
Kuwait and Qatar to lower crude oil shipments
Qatar and Kuwait will reduce crude oil shipments to customers in January as part of production cuts implemented by the Organisation of Petroleum Exporting Countries (Opec), traders at Asian refiners said.
- Bloomberg
- Published: 09:52 December 5, 2008
Kuwait: Qatar and Kuwait will reduce crude oil shipments to customers in January as part of production cuts implemented by the Organisation of Petroleum Exporting Countries (Opec), traders at Asian refiners said.
Kuwait Petroleum Corp. will end an option for Asian refiners to receive as much as 5 per cent more crude oil than their contracts stipulate, the traders said.
The agreements will be amended with effect from January, keeping an option for customers to take as much as 5 per cent less than the contracted volume, the traders said.
Opec agreed to cut output by 1.5 million barrels a day starting in November and is scheduled to meet in Algeria on December 17 to discuss production cuts.
State-owned Qatar Petroleum will cut exports to Asian customers by 5 per cent below their contracted volumes, the traders said.
Share this article
Popular in Business
-
XPRESS
Way to go this DSF
A fun-filled route to guide you to all the happening dos in town
Business Editor's choice
-
What to expect at the Dubai Airshow
We preview what types of aircraft to expect at the Dubai Airshow
-
Air Arabia revamps its website
Upgraded site offers new features, accessible in range of languages
-
Dubai looks ahead to 2010 with new projects
Global visitor numbers up 4% on year and occupancy rates remain strong
