Although the new OPEC+ agreement goes into effect on May 1, OPEC’s fourth-largest producer, Kuwait, has already started to reduce crude oil supply to international markets “sensing a responsibility responding to market conditions,” Kuwait’s Oil Minister Khaled Al-Fadhel told the official state Kuwait News Agency (KUNA) on Thursday. OPEC and its non-OPEC partners led by Russia agreed earlier this month to reduce their combined oil production by 9.7 million bpd in May and June, in response to the crash in global oil demand in the pandemic. Analysts, however, think that those cuts would be ‘too little too late’ to support the market, considering that the current demand loss stands at around 30 million bpd—three times the cuts promised by OPEC. Kuwait is OPEC’s fourth-largest producer behind Saudi Arabia, Iraq, and the United Arab Emirates (UEA), and it pumped 2.84 million bpd of oil in March, up by 170,000 bpd […]