Kuwait Oil Min.: Eight OPEC+ countries committed to stability, production flexibility

KUWAIT, June 1 (KUNA) -- The eight countries participating in the voluntary production reduction within OPEC+ are committed to market stability, considering the fundamentals pertaining to the oil market's current statues and stable global economic forecasts, in addition to the flexibility in adjusting production, Minister of Oil, Tareq Al-Roumi said on Sunday.
This came in a press statement issued by the Ministry on Al-Roumi's participation in the in the eight OPEC+ countries' meeting, which was held via video conference on Saturday, on May 31.
According to the statement, the minister praised the results of the meeting, saying that it discussed the current levels of commitment to oil production, along with evaluating the voluntary adjustments agreed upon by eight member countries earlier in April and November 2023.
In accordance to the decision agreed upon on December fifth, 2024, to start a gradual and flexible return of adjustments of 2.2 million barrels per day starting from April first, 2025, it has been agreed to increase production for the eight countries participating in the voluntary reduction for July 2025 by an additional total of 411,000 barrels per day.
Minister Al-Roumi reaffirmed Kuwait's steadfast support for all efforts aimed at enhancing the stability of the oil market, considering the stable global economic forecasts and the recovery of the fundamentals of the oil market based on indicators such as the decrease in oil inventories.
He added that the member countries have clearly shown a desire to adopt flexible and well-considered measures that consider economic changes and market developments, contributing to achieving long-term stability that enhances the global economy's ability to face challenges.
Minister Al-Roumi also confirmed that these measures, which involve accelerating the adjustment of production, would provide participating countries with the opportunity to expedite their compensation for previous overproductions starting from January 2024.
Minister Al-Roumi, headed the delegation of the State of Kuwait, which included Kuwait's Governor to OPEC, Mohammad Khudr Al-Shatti, and Kuwait's National Representative to OPEC, Sheikh Abdullah Sabah Salem Al-Hamoud Al-Sabah. (end) km.gta