KUWAIT, Kuwait’s oil minister on Wednesday praised the “prudent” polices of OPEC and its allies as they sought to rein in crude output in the face of the COVID-19 pandemic, saying such efforts helped balance the global oil market.
The Organization of the Petroleum Exporting Countries and its allies have agreed, amid virtual talks on Wednesday, to release 400,000 barrels per day (bpd) to the market in October, with Kuwait contributing a share of 27,000 bpd, Dr. Mohammad Al-Fares said in a statement.
The minister applauded his country’s efforts to get leading global oil producers on the same page, which triggered “landmark” decisions that served the best interests of oil producers and consumers alike, he added.
Stability and balance in the oil market will pave the way to a global economic rebound that will bring oil demand to pre-pandemic levels, the minister underlined.
Source: Kuwait News Agency