Kuwait To Curb Oil Exports To US—Will Iraq Step In?

27 Jul 2017   Iraq, Kuwait

In the latest round of OPEC promises, Kuwait’s state run oil company has pledged to cut “contractual sales volumes of oil for 2017” according to Bloomberg Markets . Kuwait Petroleum Corporation made the announcement just one day after fellow OPEC member UAE promised to cut its own oil exports by 10 percent starting in February, and just two days after OPEC conductor Saudi Arabia promised to curb oil exports starting in August. The renewed OPEC vows to chip in towards doing “whatever it takes” to rebalance the oil markets comes just days after Saudi Arabia chastised members for not adhering to the OPEC agreement. The United Arab Emirates, for example, failed to comply with the deal even a single month so far during the collective agreement to cut out 1.2 million barrels of oil production. Kuwait’s compliance, on the other hand, has been much higher. And now that it […]

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