Qatar to reduce oil production from next year

The Dollar Business Bureau

The State-run company Qatar Petroleum, a leading oil company in the world, announced on Tuesday that it will cut production levels beginning next year.

The announcement for reduction in production from January 1 comes after the recent decision by OPEC (Organisation of Petroleum Exporting Countries) and non-OPEC oil-producing nations to limit output.

“We have started advising our customers of the expected reductions in oil deliveries to ensure the state's compliance with OPEC's allocations,” Saad Sherida Al-Kaabi, President and Chief Executive Officer, Qatar Petroleum, said in a statement.

The decision comes following Qatar's commitment to cut production levels by OPEC members during a ministerial meeting held on November 30, 2016. There are no details regarding the production levels.

In the meeting on November 30, Qatar was among the OPEC nations which agreed to cut crude output by 1.2 million barrels a day.

Earlier this month, non-OPEC oil producing nations agreed to reduce output by 558,000 barrels a day.