OPEC+ group agreed on a production increase of 400,000 barrels monthly, starting next August, while it also agreed on extending the current production-cut agreement, which ends next April, to December 2022, said Kuwaiti Minister of Oil and Minister of Higher Education Mohammad Al-Faris on Sunday.
Al-Faris, in a statement received by KUNA after heading Kuwait’s delegation in the 19th meeting of ministers of OPEC and ministers of oil-producing countries outside of OPEC (OPEC+) online, noted Kuwait’s achievement in agreeing to raise the country’s future basic production to 150,000 barrels per day, as part of extending the agreement, starting in May 2022.
He expressed his joy over the cooperation and understanding between all OPEC+ members for the benefit of the oil markets, hailing the efforts of Saudi Energy Minister Prince Abdulaziz bin Salman and his Russian counterpart Alexander Novak to reach the agreement.
The situation is currently optimistic in the oil markets, affected by the growing numbers of coronavirus vaccinations and resuming tourism in many countries, which created economic recovery and increased demand on oil, said Al-Faris.
The delegation included Kuwait’s OPEC governor Mohammad Al-Shatti and Kuwait’s national representative at the organization Sheikh Abdullah Al-Sabah.
Source: Kuwait News Agency