OPEC+’s cut in production is necessary to address challenges and stabilize the global market, Kuwait’s Deputy Prime Minister and Minister of Oil and Minister of State for Economic and Investment Saad Al-Barak said on Wednesday.
In a statement posted on Kuwait’s Oil Ministry’s website, the minister said that the oil market is moving in the right direction towards supply and demand balance, and the world needs to increase investment in various energy sources, including oil, to ensure sufficient oil supply, meeting the growing demand for global economic recovery and energy security.
Emphasizing OPEC+’s essential role in achieving market stability and sustainable development, he praised the preventive measures taken by OPEC+ to address the challenges faced by the global oil market.
The minister also applauded the decision of Saudi Arabia and Russia to continue voluntarily reducing production and extending it until the end of 2023, and commended its contribution to the balance and stability of the oil market.
Earlier Wednesday, Saudi Arabia announced the decision to continue to reduce 1 million barrels of oil per day, while Russia decided to continue to reduce 300 thousand barrels of oil per day.
However, the OPEC+ Joint Ministerial Monitoring Committee maintained the current oil production policy unchanged at Wednesday’s meeting.
Saad Al-Barak added that Kuwait is committed to the decision to cut output and will continue to invest to expand its oil production capacity to 3.2 million barrels per day by 2024.