State-owned Kuwait Petroleum Corporation (KPC) said on Wednesday it was committed to an oil output cut agreed by the Organization of Petroleum Exporting Countries (OPEC), Kuwait's state news agency KUNA reported.

    KPC said in a statement it had notified its clients of the production cuts of 131,000 bpd from the start of January, saying they will be in effect for the whole of the first quarter of 2017.

    On November 30th in Vienna, OPEC agreed to cut oil production by 1.2 million barrels per day