(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, Aug 3 (KUNA) -- Kuwaiti Minister of Oil Tareq Al-Roumi praised Sunday the decision made by the eight countries ministerial meeting participating in the voluntary reduction agreement to implement a production adjustment of 547,000 barrels per day in September 2025, compared to the production level required in August 2025.
The minister made the statement following his participation in the ministerial meeting of the eight countries involved in the voluntary oil production reduction agreement within the framework of the OPEC+ alliance, according to a Ministry of Oil release.
The meeting was held via video conference on Sunday, with the participation of an official delegation that included Kuwait's Governor to OPEC Mohammad Al-Shatti and Kuwait's National Representative to OPEC Sheikh Abdullah Sabah Salem Al-Humoud Al-Sabah.
The minister emphasized that the meeting reflects the continued coordination among participating countries to ensure the stability of the oil market.
He confirmed that the decision was based on a thorough analysis of market data regarding production, inventories, and future expectations, which highlight optimism about the robustness of market fundamentals and the importance of flexibility in production policies to enhance supply security in the market. (end)
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