Kuwait City: Kuwait Oil Minister Tariq Al-Roumi affirmed Tuesday that the decision of eight oil-exporting countries within the OPEC Plus group to begin increasing their production starting next April is a decision aimed at ensuring the stability of the global oil market.
According to Kuwait News Agency, this statement was made by Minister Al-Roumi following his participation in the ministerial meeting of the eight OPEC Plus countries that are implementing voluntary production cuts. The meeting, conducted via video conference, included Algeria, Saudi Arabia, the Emirates, Iraq, Kazakhstan, the Sultanate of Oman, Russia, and Kuwait.
Al-Roumi explained that a comprehensive assessment of the current oil market conditions and future prospects was conducted. The decision to proceed with a gradual increase in production starting from April aligns with market data and follows the agreement made during a meeting last December.
He emphasized that the decision demonstrates the commitment of the eight countries to adopt a proactive and responsible approach aimed at ensuring the stability of the global oil market. For Kuwait, the production quota is set to rise from 2.413 million barrels per day in April to 2.421 million barrels per day, eventually reaching 2.548 million barrels per day by September 2026.