Kuwaiti Minister of Oil Dr. Mohammad Al-Fares said on Thursday that OPEC is closely monitoring impact of geopolitical events on the oil market.
The minister, in s a statement broadcast by the Kuwaiti Ministry of Oil after he headed the Kuwaiti delegation that took part in the 39th meeting of the joint committee for monitoring production in the OPEC+ alliance and the 27th ministeriual meeting of OPEC and non-OPEC crude producers as well as the extraordinary ministerial meeting at the virtual level.
OPEC+ primarily strives for attaining balance between supply and demand and securing ongoing supplies of the crude to the market as well as ensuring world economic growth, he said, affirming Kuwait’s pivotal role in stabilizing the crude markets as a producer and an influential party in the organization.
He has indicated at the OPEC+ strategy to increase the production with changing the reference bases for the quotas, where the hike by the producers will be in the range of 432,000 barrels per day, with Kuwait’s daily output standing, for May 2022, standing in the range of 2.695 million barrels.
Source: Kuwait News Agency