Kuwait has increased its crude oil production in line with the Opec+ output accord to meet growing demand, Deputy Prime Minister and Minister of Oil Mohammad Al-Faris has said.
Persecondnews.com gathered Wednesday that Kuwait increased its production to meet its commitment of 2.81 million barrels per day.
The output increase adheres to Kuwait’s “commitment to ensure secure and stable supplies of oil to the international markets”, the oil ministry said.
“The increased production is consistent with announcements made by the] Kuwait Petroleum Corporation that it is bringing on line investments that ensure international oil markets are adequately supplied and can meet the expected future demand.”
Kuwait will continue to support efforts to promote market stability through the Opec+ alliance of 23 oil producers, which is led by Saudi Arabia and Russia, Mr Al-Faris said.
“Since 2020, Opec+ successfully restored and maintained oil market balance and stability by ensuring adequate supplies to markets,” he said.
But Mr Al-Faris also issued a warning and repeated statements made by other energy ministers and industry analysts that “structural supply weaknesses caused by years of underinvestment have led to extremely limited worldwide spare capacity”.
This situation has contributed to “extraordinary volatility in the oil markets at a time when these markets need stability like never before to allow participants to plan future production capacity increases to meet rising demand”, he said.
“Kuwait supports all efforts designed to protect market stability against the recent harmful volatility that threatens to undermine the basic functions of the market,” Mr Al-Faris said.
Brent, the global benchmark for two thirds of the world’s oil, was trading 1.09 per cent higher at $101.30 a barrel at 9am Nigerian time. West Texas Intermediate, the gauge that tracks US crude, was up 1.05 per cent at $94.72 a barrel.
OPEC will meet on September 5 to assess the state of the oil market, agreed earlier this month to raise production by another 100,000 bpd next month amid pressure from major consumers, including the US, to cool prices.
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