Kuwait is considering making larger oil output cut than required by the OPEC deal, Livesquawk reports latest headlines surrounding oil markets. Kuwait has cut output by 130,000 barrels a day to about 2.75 million a day, Al-Anba newspaper reported, citing Kuwait Oil Co. Chief Executive Officer Jamal Jaafer.
OPEC pledged in November to cut output by more than 1 million barrels a day in hopes of clearing an oversupply of oil that had weighed prices down. With OPEC’s patchy record in implementing production pullbacks, some analysts remain skeptical is all members would abide by their pledges.
The kingdom of Saudi Arabia has cut its crude-oil production by at least 486,000 barrels a day since October. Saudi Arabia has ‘completely implemented’ the production pullback it agreed to in last year’s deal to raise oil prices.
Both crude benchmark edged higher on the headlines, with WTI up +0.82% above $ 54, while Brent rises +0.56% to $ 57.25.
