‘Kuwait committed to joint efforts to stabilize global oil markets’

Minister of Oil, Dr. Tariq Al-Roumi, has reaffirmed Kuwait’s commitment to supporting collaborative efforts aimed at enhancing the stability of global oil markets, particularly in light of ongoing economic developments and geopolitical challenges.

His remarks came in an official statement issued by the Ministry of Oil following his leadership of Kuwait’s delegation at the recent OPEC+ meeting. The virtual meeting brought together representatives from eight-member states and resulted in an agreement to raise oil production by 411,000 barrels per day in June 2025, reports Al-Rain daily.

Al-Roumi emphasized that “today’s meeting holds significant weight in shaping production policies for the period ahead,” especially amid rising international trade tensions and their impact on energy markets. He praised the collective decision, calling it timely and strategically aligned with the current global context.

The minister highlighted the group’s unified adherence to the Declaration of Cooperation and reaffirmed the eight countries’ commitment to voluntary production adjustments.

These include the planned production increase and efforts to fully compensate for any overproduction dating back to January 2024.

Al-Roumi also underscored the importance of maintaining flexibility, noting that the scheduled increases could be paused or canceled depending on market dynamics. “This adaptability enables OPEC+ to remain responsive and continue supporting oil market stability,” he said.

He added that this step will help expedite the compensation process for previous overproduction among the eight countries, contributing to a more balanced market environment.

The Kuwaiti delegation to the meeting also included OPEC Governor Mohammed Al-Shatti and Kuwait’s National Representative to OPEC, Sheikh Abdullah Sabah Salem Al-Humoud Al-Sabah.

In a joint statement, the eight OPEC+ countries—Kuwait, Saudi Arabia, Russia, Iraq, the UAE, Kazakhstan, Algeria, and Oman—confirmed the increase in output for June 2025. The decision was based on positive market signals, including healthy fundamentals and declining global inventories.

The production increase is part of a broader, gradual plan to restore 2.2 million barrels per day of voluntary cuts initially agreed upon in December 2024 and set in motion in April 2025.

The plan will unfold in three phases, with provisions to adjust or suspend the increases depending on market conditions. This built-in flexibility allows the alliance to adapt swiftly to fluctuations in global supply, demand, and pricing.