Kuwait backs OPEC+ decisions on voluntary output cuts

Deputy Prime Minister and Minister of Oil Dr. Saad Al-Barak renewed Kuwait’s support to the decisions of the OPEC+ alliance on reduction of oil output, affirming commitment to additional voluntary cut by 135,000 bpd as of January 1 until the end of March 2024.

“The new reduction will bring down Kuwait’s total output to 2.413 million bpd,” he said in a press on Wednesday.

Al-Barak, also minister of state for economic and investment Affairs and board chairman of Kuwait Petroleum Corporation (KPC), commended the precautionary measures adopted by the recent meeting of OPEC and non-OPEC ministerial meeting to maintain balance and stability of the oil market.

“The State of Kuwait will remain an active partner in the Declaration of Cooperation (DoC) between OPEC and non-OPEC countries,” he added.

Source: KUNA