Qatar To Cut Oil Production From January 1
Mohammad Ali (@ChaudhryMAli88) Published December 13, 2016 | 04:25 PM
DOHA, , (APP - UrduPoint / Pakistan Point News - 13th Dec, 2016 ) - State-owned Qatar Petroleum, one of the largest oil companies in the world, announced on Tuesday that it will reduce production levels from the beginning of next year.
The reduction -- beginning on January 1 -- comes following the recent decisions by OPEC and non-OPEC oil-producing countries to cap output. "We have started advising our customers of the expected reductions in oil deliveries to ensure the state's compliance with OPEC's allocations," said a statements from Saad Sherida Al-Kaabi, president and chief executive of state-owned Qatar Petroleum.
"This decision comes in line with the state of Qatar's commitment to the recently agreed production levels by the members of OPEC during its ministerial meeting held on 30 November, 2016." No further details about production levels were given in the statement.
On November 30, Qatar was among the OPEC countries which agreed to reduce output by 1.2 million barrels per day (bpd). This was followed earlier this month by non-OPEC oil producing countries agreeing a cut of 558,000 bpd.
Related Topics
Recent Stories
PM vows to work for country along with students
US ambassador meets Senate Chairman, discusses bilateral ties
UHS to issue MBBS degrees within three months after final result
Aiman Khan granted UAE Golden Visa
PSX achieves significant milestone, surpasses 72,000 mark
Pak Vs NZ T20I: Orphaned children extended special invitation to watch match
Finance Minister lauds UNDP’s unwavering support during floods
President Raisi leaves for Iran from Karachi
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 24 April 2024
Today Gold Rate in Pakistan 24 April 2024
Punjab CM inaugurates Pakistan’s first Virtual Women Police Station
Dutch model Donny Roelvink embraces Islam
More Stories From World
-
Record-breaking London stocks spearhead global rally
4 minutes ago -
'City Hunter' manga hero drops the sexism for new live-action film
4 minutes ago -
Russian deputy defence minister held over bribery accusations
4 minutes ago -
Danger warning issued for Bangkok as extreme heat bites
14 minutes ago -
Iran cuts Syria presence after strikes blamed on Israel: monitor
24 minutes ago -
Four injured as escaped army horses bolt through central London
24 minutes ago
-
Biden pledges swift weapons delivery to Ukraine
34 minutes ago -
Ukraine attack drones strike Russia energy sites
54 minutes ago -
UK Rwanda deportation law leaves asylum seekers fearful
1 hour ago -
More floods expected in China's Pearl River basin: ministry
1 hour ago -
Water release resumes after partial power outage at Fukushima plant
1 hour ago -
Spain court says investigating PM's wife for graft
1 hour ago