Kuwait City: Eight countries participating in the voluntary production reduction within OPEC+ have reaffirmed their commitment to market stability and production flexibility, as stated by Kuwait's Minister of Oil, Tareq Al-Roumi. This was announced following a recent meeting held via video conference.
According to Kuwait News Agency, the Minister praised the outcomes of the meeting, which focused on current levels of commitment to oil production and evaluated the voluntary adjustments agreed upon by member countries in April and November 2023. The discussions also included a decision set for December 2024 to gradually and flexibly adjust production by 2.2 million barrels per day starting from April 2025. Furthermore, it was agreed to increase production for July 2025 by an additional 411,000 barrels per day for the eight countries involved in the voluntary reduction.
Minister Al-Roumi emphasized Kuwait's unwavering support for all initiatives aimed at enhancing oil market stability, considering stable global economic forecasts and improving market fundamentals, such as decreasing oil inventories. He noted that the member countries have expressed a clear intent to adopt flexible and strategic measures in response to economic changes and market developments, thereby contributing to long-term stability and bolstering the global economy's resilience to challenges.
Minister Al-Roumi also mentioned that accelerated production adjustments would enable participating countries to expedite compensation for previous overproductions starting from January 2024. The Kuwaiti delegation at the meeting 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.