Kuwait Deputy Prime Minister, Minister of Oil, Minister of State for Cabinet Affairs, Dr. Mohammad Al-Faris said that OPEC plus decision to increase oil production will contribute to stabilizing the oil market.

This came in a statement by Al-Faris issued by the oil ministry after the minister’s participation in the 19th OPEC and non-OPEC Ministerial Meeting.

The minister stated that OPEC Plus is closely following the conditions of the global oil market and the prices, praising the organization’s decision, which was taken unanimously and stipulated raising the monthly production increase by 648,000 barrels per day for July and August.

Earlier today, the OPEC plus ministers decided to increase oil production by 648,000 barrels per day for the coming months of July and August.

Source: Kuwait News Agency