NEW YORK — Kuwait, which has weakened past efforts of the OPEC oil cartel to support higher world prices by cheating on its quota, was reported today as saying it will cut back on production.
Kuwaiti Oil Minister Sheik Ali al Khalifa al Sabah was reported by the Petroleum Intelligence Weekly saying his country plans to reduce production to 1.35 million barrels a day, far below its current estimated production.
The respected trade newsletter recently quoted industry sources as estimating Kuwait would pump 2.3 million barrels a day in June. A source in a large U.S. oil company last week said his company estimated current Kuwaiti production at 1.8 million barrels daily.
Kuwait was assigned a daily quota of 1.093 million barrels at the mid-year meeting of the Organization of Petroleum Exporting Countries early this month in Vienna, which Ali quickly disavowed.