Oil Min.: Kuwait committed to supporting global economic recovery efforts

KUWAIT, Dec 1 (KUNA) -- Kuwaiti Minister of Oil Tareq Al-Roumi said Monday the State of Kuwait is committed to supporting the efforts aimed at strengthening global economic recovery and achieving oil market balance.
The minister made the statement after leading Kuwait's delegation participating in the 191st OPEC Ministerial Meeting, the 63rd Joint Ministerial Monitoring Committee Meeting (JMMC), the 40th OPEC+ Ministerial Meeting, and the meeting of the eight countries participating in the voluntary oil production cut agreement within the OPEC+ framework, the Ministry of Oil said in a press release.
The meetings were held via videoconference on Sunday, with the participation of an official delegation that included Kuwait's Governor to OPEC Mohammad Al-Shatti and Kuwait's National Representative to OPEC Sheikh Abdullah Sabah Salem Al-Humoud Al-Sabah.
The minister underlined that cooperation within the OPEC+ alliance represents a fundamental pillar for achieving long-term stability in global energy markets.
He affirmed that these meetings are conducted within the framework of supporting oil market stability and monitoring developments related to global economic performance, as well as the assurance of the continuation of high level of coordination required among the countries participating in the agreement.
Al-Roumi emphasized that the meeting of the eight countries reviewed the impacts of previous voluntary adjustments, which included implementing an increase in production by 137,000 barrels per day for December 2025, as part of the total 1.65 million barrels per day of additional adjustments announced in April 2023.
It was also agreed to maintain production levels for the three months of January, February, and March 2026, with Kuwait's production set to reach 2.580 million barrels per day starting December.
He praised the approval of the Participating Countries to the mechanism developed by the Secretariat to assess participating countries' maximum sustainable production capacity (MSC) to be used as reference for the 2027 production baselines for all DoC countries.
He also lauded the request of the 40 OPEC+ Ministerial Meeting to the OPEC Secretariat to develop a plan and convert the framework of the Charter of Cooperation (CoC), signed on 2 July 2019, into programs to achieve the full objectives of the CoC, as it was originally mandated, and present it to the 41st OPEC and non-OPEC Ministerial Meeting. (end) km.mt