Kuwaiti Oil Minister Tariq Al-Roumi welcomed the recent decision by eight OPEC+ countries to increase oil production by 547,000 barrels per day in September, marking a strategic shift after months of voluntary production cuts.
In a statement following his participation in the ministerial video conference, Al-Roumi said the move reflects the continued cooperation and coordination among participating countries to stabilize the global oil market, reports Al-Rai daily.
He explained that the decision was made after a thorough review of market indicators, including supply levels, inventories, and future outlooks. The data pointed to strong market fundamentals and justified a more flexible production policy to ensure supply security.
The meeting was also attended by Kuwait’s OPEC Governor, Mohammed Al-Shatti, and the country’s National Representative, Sheikh Abdullah Al-Sabah.
Meanwhile, the price of Kuwaiti crude fell by $1.16 to $75.03 per barrel, and Libya’s Sharara oil field recorded its highest production levels since 2018, adding further dynamics to regional output.
