LOC21:17
18:17 GMT
KUWAIT, May 3 (KUNA) -- Kuwait's Minister of Oil Tareq Al-Roumi said on Saturday the OPEC+ meeting would significantly affect production policy formulation in the upcoming period.
Al-Roumi announced this after participating in the video conference meeting of the eight OPEC+ member countries, the Oil Ministry said in a press statement.
He reiterated Kuwait's commitment to supporting collaborative endeavors aimed at enhancing the stability of global oil markets in response to ongoing economic developments.
The minister praised the results of the meeting, which is being held at a very important time with the escalation of international trade tensions and their direct effects on the energy sector, it noted.
He commended the unwavering commitment of the eight countries to the Declaration of Cooperation, along with their readiness to implement additional voluntary adjustments in production of 411,000 barrels per day in June 2025, and the determination of the countries to fully compensate for any surplus production since January 2024, according to the statement.
Al-Roumi emphasized the potential for temporarily suspending or even canceling these gradual increases in response to evolving market conditions, it stated.
This flexibility empowers the Group to maintain its support for the stability of the oil market.
The eight OPEC+ countries noted that this approach would also provide member nations with the opportunity to expedite their compensation efforts, it pointed out.
Mohammad Al-Shatti, Kuwait's Governor to OPEC, and Sheikh Abdullah Sabah Salem Al-Homoud Al-Sabah, Kuwait's National Representative to OPEC also participated in the meeting. (end)
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