Kuwait City: Kuwait's Minister of Oil Tareq Al-Roumi stated on Saturday that the OPEC+ meeting would play a crucial role in shaping production policy in the near future. Al-Roumi shared this insight following his participation in the video conference meeting of the eight OPEC+ member countries, as revealed in a press statement by the Oil Ministry.
According to Kuwait News Agency, Al-Roumi reiterated Kuwait's dedication to supporting joint efforts aimed at stabilizing global oil markets amidst ongoing economic developments. The minister expressed approval of the meeting's outcomes, held amidst escalating international trade tensions impacting the energy sector.
The statement highlighted Al-Roumi's commendation of the eight countries' steadfast commitment to the Declaration of Cooperation. This includes their willingness to implement further voluntary production adjustments of 411,000 barrels per day by June 2025 and their resolve to fully address any surplus production since January 2024.
Al-Roumi noted the potential for temporarily suspending or canceling these progressive increases as market conditions evolve. This strategy allows the Group to sustain its support for oil market stability. The eight OPEC+ nations also recognized that this approach would enable member countries to expedite their compensation efforts.
Mohammad Al-Shatti, Kuwait's Governor to OPEC, and Sheikh Abdullah Sabah Salem Al-Homoud Al-Sabah, Kuwait's National Representative to OPEC, also attended the meeting.