Kuwait – Mubasher: The Kuwait Petroleum Corporation (KPC) dismissed news reports that Kuwait provided extra supply on the oil spot market, Emirates News Agency (WAM) reported on Saturday.
In December 2016, the Organization of Petroleum Exporting Countries (OPEC) agreed to trim oil output by as much as1.8 million barrels per day (bpd) in the first half of 2017, in an attempt to boost oil prices. Some non-OPEC members also agreed to the terms of the deal.
"The corporation has reiterated Kuwait's commitment to cut oil production in line with an OPEC and non-OPEC deal concluded late last year," WAM said.
OPEC and non-OPEC producers had said that the deal may get a six-month extension.
"The recent closure of the Shuaiba Refinery does not at all imply any decrease in Kuwait's crude output, or products," Kuwait News Agency (KUNA) reported, citing a KPC statement.
The KPC previously said that Shuaiba, whose daily production reaches 200,000 barrels of oil products, would be shut down as part of KPC and affiliates' strategic plan.
The closure is part of KPC's strategy to develop the refining capabilities and modernise the country's refineries, the statement noted, adding that the decision to shut down Shuaiba followed detailed studies that "it would be vain" to modernise the refinery or pump more investments into it.
KPC highlighted that Kuwait "has been a pioneer in committing itself to the agreement to decrease production aiming to restore balance to the oil market," according to WAM.
