Kuwait and Qatar to lower crude oil shipments

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.