VIENNA, OPEC+ countries meeting on Wednesday decided to maintain their plans for a gradual increase in oil production.
The oil ministers agreed to increase collective production by 400,000 barrels per day in October, keeping with earlier commitments made in April 2020 and July 2021.
The “high conformity” of member nations to these commitments was commended, with the attendees agreeing to reconvene next month.
“Market fundamentals have strengthened and OECD (Organisation for Economic Co-operation and Development) stocks continue to fall as the recovery accelerates” amidst the COVID-19 pandemic, read a statement by the oil cartel.
Kuwait was represented at the talks by Oil Minister and Minister of Higher Education Dr Mohammad Al-Fares.
Source: Kuwait News Agency