Dr. Al Faris further emphasised that Kuwait will continue to support efforts to promote market stability, particularly through the OPEC+ forum….reports Asian Lite News
Kuwait has increased its crude oil production in line with its 2.811-million-barrels-a-day quota under the OPEC+ agreement.
Dr. Mohammad Al Faris, Kuwait Deputy Prime Minister, Minister of Oil, Minister of State for Cabinet Affairs, said that the move is in line with Kuwait’s commitment to ensure secure and stable supplies of oil to the international markets.
The increased production is consistent with announcements made by Kuwait Petroleum Corporation (KPC) that it is bringing on line investments that ensure international oil markets are adequately supplied and can meet the expected future demand, Kuwait News Agency (KUNA) quoted the Minister as saying in a press statement released by the Ministry of Oil.
Dr. Al Faris further emphasised that Kuwait will continue to support efforts to promote market stability, particularly through the OPEC+ forum. “Since 2020, OPEC+ successfully restored and maintained oil market balance and stability by ensuring adequate supplies to markets,” he said.
He warned, however, that “structural supply weaknesses caused by years of underinvestment have led to extremely limited worldwide spare capacity, thereby creating extraordinary volatility in the oil markets at a time when these markets need stability like never before to allow participants to plan future production capacity increases to meet rising demand.”
To that end, he assured that “Kuwait supports all efforts designed to protect market stability against the recent harmful volatility that threatens to undermine the basic functions of the market.”
Meanwhile, the Kuwaiti crude oil gained US$2.82 during Wednesday’s trading sessions to hit US$106.79 per barrel, compared with US$103.97 pb the day before, Kuwait Petroleum Corporation said Thursday.
According to the Kuwait News Agency (KUNA), Benchmark Brent crude also rose by a single US dollar to $101.22 pb and West Texas Intermediate increased by $1.15 to hit $94.89 pb.