(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, June 4 (KUNA) -- Kuwait's Minister of Oil Manaf Al-Hajri Sunday lauded the decision made by the OPEC+ group on reducing oil output by two million bpd until the end of 2024.
The decision is in favor of market balance and offers required reassurance, Al-Hajri, also Minister of State for Economic Affairs and Investment and Acting Minister of State for National Assembly Affairs, made the statement issued by the Oil Ministry.
Al-Hajri, also Chairman of the Board of Directors of Kuwait Petroleum Corporation, headed Kuwait's delegation to the 186th OPEC ministerial meeting held Saturday and the 35th OPEC and non-OPEC producing countries held in Vienna earlier in the day.
Kuwait is committed to the cutting decisions, in addition to its voluntary reduction by 128,000 bpd, to produce 2,548,000 bpd as of June, Al-Hajri said.
The deal on cutting output was extended to the end of 2024 as a precautionary measure taken in coordination with the countries participating in the OPEC+ agreement, which had previously announced in April 2023 on voluntary cuts, that includes Kuwait, Saudi Arabia, the UAE, Iraq and Oman.
The minister emphasized Kuwait's support for the OPEC+ efforts, which aimed at enhancing stability and balance of markets, and thanked Saudi Arabia for its initiative on a voluntary cut of one million bpd in July.
He further lauded positive atmospheres prevailed at during meetings that reflected the one-team spirit.
There is a consensus on reaching mechanisms of reviewing production figures of all member states to be a base of calculating the output level in 2025, he said.
He stated that this ensures transparency, stability and sustainability of the markets. (pickup previous)
km.hm
MENAFN04062023000071011013ID1106384596
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.