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OPEC+ decisions “precautionary” to protect oil markets’ balance – Kuwait Oil Min.

OPEC+ decisions “precautionary” to protect oil markets’ balance – Kuwait Oil Min.

Kuwait Deputy Prime Minister and Minister of Oil Dr. Imad Al-Atiqi said Wednesday OPEC+ decisions were “initiative taking and precautionary” to protect oil markets’ balance, and Kuwait’s voluntary output cuts contributed to markets’ stability.

“OPEC+ decisions are initiative taking and precautionary to protect the oil markets’ balance,” Al-Atiqi said during a video conference meeting of the Joint Ministerial Production Monitoring Committee (JMMC).

Al-Atiqi, quoted by an Oil Ministry statement, praised compliance of member countries with their quotas within OPEC+, and need to adhere to OPEC+ decisions to achieve the balance of the oil market.

Al-Atiqi, also Chairman of Board of Directors of Kuwait Petroleum Corporation (KPC), expressed optimism about all decisions that would contribute to strengthening OPEC+ leading role in achieving the desired goals and aspirations of member countries.

He noted that OPEC+ was closely following and monitoring developments in oil markets, and would take appropriate measure
s to ensure the balance of the markets.

The State of Kuwait’s decision to extend its voluntary reduction of 135,000 barrels per day until the end of the second quarter of this year contributed to support and stabilization of oil markets in coordination and cooperation with countries participating in the coalition, he said.

Following the production reduction, Kuwait’s production stabilized at 2.413 million bpd until the end of June 2024.

Al-Atiqi was joined in the JMMC meeting by Kuwait’s Governor to OPEC Mohammad Al-Shatti and National Representative to OPEC, Sheikh Abdullah Sabah Al-Sabah.

Source: Kuwait News Agency