RIYADH: Kuwait has increased its oil production to meet its commitment of 2.811 million barrels per day with OPEC+, said the country’s Oil Minister Mohammed Al-Fares.
The Kuwait Oil Corp. always tries to ensure that international oil markets are adequately supplied and can meet the expected future demand, he was quoted as saying in a press release.
The minister further added 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, however, warned that structural supply weaknesses caused by years of underinvestment have led to extremely limited worldwide spare capacity, which is resulting in the volatility of the oil market.
