Kuwait cuts oil output; Libya expected to follow
Kuwait — Kuwait's daily oil production Tuesday was cut by 25 percent -- from 2 million barrels of oil to 1.5 million barrels -- and the volume of crude-oil sales to major Western buyers under new contracts was slashed by 75 percent, the Kuwait News Agency reported. New contracts were signed with British Petroleum, Gulf Oil, and Royal Dutch Shell.
Libya indicated it would follow suit, aiming at conserving reserves.
The moves reflect a growing trend among members of the Organization of Petroleum Exporting Countries to cut back production.