Deputy Prime Minister, Minister of Oil and Minister of State for Cabinet Affairs Muhammad Al-Faris announced that the State of Kuwait has increased its production of crude oil in line with its committed volumes of 2.811 million barrels per day under the (OPEC +) agreement and in line with the country's commitment to ensuring safe and stable supplies of oil to the markets International.
Al-Fares said in a press statement to the Ministry of Oil, today, Wednesday, that the increase in production is in line with the announcements issued by the Kuwait Petroleum Corporation that it is making investments that ensure that the international oil markets are provided with sufficient supplies and can meet the expected future demand, according to the Kuwait News Agency (KUNA).
He stressed that the State of Kuwait will continue to support efforts aimed at enhancing market stability, especially through (OPEC +), noting that since 2020, (OPEC +) has succeeded in restoring the oil market's balance and stability by ensuring sufficient supplies to the markets.
He warned that structural weaknesses in the production sector caused by years of underinvestment have resulted in spare capacity being severely limited worldwide, creating significant volatility in oil markets at a time when these markets need unprecedented stability to allow participants to plan To increase production capacity in the future (futures contracts) to meet the increasing demand.
The minister indicated that in order to achieve these strategic goals, the State of Kuwait supports all efforts aimed at protecting the stability of the market from the recent fluctuations that threaten to undermine the basic functions of the market.
The (OPEC +) alliance, which includes the Organization of Petroleum Exporting Countries (OPEC) and countries outside it, decided at its meeting on the third of August to increase oil production by 100,000 barrels per day next September.
After the meeting, (OPEC +) said in a statement that the 13 member countries of (OPEC) and its ten partners in the alliance agreed to adjust the production of oil next September, with an increase of 100,000 barrels per day, compared to an increase of 648,000 barrels per day agreed upon during this August.
Since the spring of 2021, (OPEC +) has started modest increases in production quotas to return to their levels before the outbreak of the Corona pandemic (Covid 19).
The alliance pumps about half of the world's oil and represents a mainstay for controlling supply and regulating crude prices with the aim of achieving a fair balance in the market and not harming the global economy.
