Kuwait’s Deputy Prime Minister and Oil Minister Dr. Bader Al-Mulla said that the voluntary reduction of production from the countries participating in the OPEC+ agreement is a proactive move to bolster the stability of oil markets amid developments in global economic conditions and their accelerating effects.

This was in Al-Mulla’s statement, which was conveyed through a statement by the Ministry of Oil, after he headed Kuwait’s delegation participating in the 48th meeting of the Joint Ministerial Monitoring Committee (JMMC), which was held Monday via videoconference.

Among those developments is the rapid pace of rising global interest rates, global debt levels, the banking crisis and geopolitical developments, Al-Mulla said, noting that OPEC+ focuses on supporting the stability of oil markets.

OPEC+ continues the policy of reducing production by two million barrels per day until the end of 2023, as decided at the 33rd ministerial meeting of OPEC+ on the fifth of October 2022, he mentioned.

He commended the initiative of the countries participating in the voluntary reduction under the OPEC+ agreement, which will be implemented from next May to the end of 2023.

The Kuwaiti delegation participating in the meeting, in addition to Al-Mulla, included Kuwait’s Governor to OPEC Mohammad Al-Shatti, and the National Representative of Kuwait to OPEC Sheikh Abdullah Sabah Salem Al-Hamoud Al-Sabah.

Source: Kuwait News Agency