Kuwait set to hike crude production. This is to keep country’s commitment to ensure secure and stable supplies of oil to the international markets, says Kuwait Deputy PM.
27 August 2022, 12:00 AM
30 September 2022, 12:00 AM
Kuwait has announced increasing crude oil production in line with its 2.811-million-barrels-a-day quota under the OPEC+ agreement, said Dr. Mohammad Al Faris, Kuwait Deputy Prime Minister, Minister of Oil, Minister of State for Cabinet Affairs.
Dr. Al Faris said that Kuwait would 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.
Dr. Al Faris, however, warned that structural supply weaknesses caused by years of under investment were leading to extremely limited worldwide spare capacity, creating extraordinary volatility in the oil markets at a time when these markets needed stability like never before to allow participants to plan future production capacity increases to meet rising demand.
“Kuwait supports all efforts designed to protect market stability against the recent harmful volatility that threatens to undermine the basic functions of the market,” he added.
Dr. Al Faris said the latest move to increase production was consistent with announcements made by Kuwait Petroleum Corporation (KPC) that it was bringing on line investments to ensure international oil markets are adequately supplied and can meet the expected future demand, Kuwait News Agency KUNA reported.