Kuwait – Mubasher: The Kuwait Petroleum Corporation (KPC) said on Saturday that it will notify its foreign customers of reducing the agreed upon oil quantities, Kuwait News Agency (KUNA) reported.

We are working on reducing production starting January 2017 and are currently coordinating the final touches before informing customers of the oil cuts, KPC said.

This step comes as part of the Kuwaiti company's commitment to the decision taken by the Organisation of Petroleum Exporting Countries (OPEC).

OPEC members agreed on 30 November to reduce output by around 1.2 million barrels per day (mbpd) to 32.5 mbpd starting January 2017. The deal was ratified earlier today in Vienna.

They also agreed that the six-month deal will be subject to an extension. In addition, a committee will be created to oversee the execution of the agreement.

OPEC secretary general Mohammed Sanusi Barkindo said that non-OPEC members were planning to trim their production by around 600,000 barrels daily.

Oil prices had more than halved in the past two years due a global supply glut.