Kuwait City: Kuwait Oil Minister Tariq Al-Roumi affirmed that the decision of eight oil-exporting countries within the OPEC Plus group to begin increasing their production starting next April is aimed at ensuring the stability of the global oil market. This announcement was made following Al-Roumi's participation in the ministerial meeting of the eight OPEC Plus countries implementing voluntary production cuts.
According to Kuwait News Agency, the meeting, which was conducted via video conference, included Algeria, Saudi Arabia, the Emirates, Iraq, Kazakhstan, the Sultanate of Oman, Russia, and Kuwait. During the session, a comprehensive assessment of current oil market conditions and future prospects was reviewed. It was decided to proceed with a gradual increase in oil production starting from April next year, aligning with market data as agreed upon during the December meeting.
Al-Roumi emphasized that this decision reflects the commitment of the involved countries to adopt a proactive and responsible approach to ensure the stability of the global oil market. The production quota for Kuwait is set to rise from 2.413 million barrels per day to 2.421 million barrels per day in April, gradually increasing to 2.548 million barrels per day by September 2026.