Kuwait on Monday lauded a decision by the Organization of the Petroleum Exporting Countries (OPEC) and its allies to revert to regular production levels as from this October, after an output hike of 100,000 barrels per day for September.

Such decisions, based on a “consensus” among OPEC+ member states, aim to ensure the “security of supplies” and “maintain the balance” of the global oil market, Kuwaiti Deputy Prime Minister and Minister of Oil Dr. Mohammad Al-Fares said in a statement after OPEC+ talks via video link.

The minister said Kuwait’s output quota for October will be 2.811 million bpd, which is in line with “a comprehensive vision based on an accurate understanding of the needs of oil markets and the volume of supplies.” He went on to underline Kuwait’s backing of all OPEC+ efforts aiming to protect the “stability of the market from recent fluctuations,” saying he was confident in the cartel’s “flexibility” to deal with various challenges, chiefly, restoring balance to the oil market, added the minister.

Source: Kuwait News Agency