Kuwait’s Oil Minister reaffirms commitment to market stability in OPEC+ voluntary cuts meeting

Oil Minister Tariq Al-Roumi, who headed Kuwait’s delegation to the OPEC+ voluntary production cuts meeting of the eight countries has reaffirmed the commitment to pursue flexible and calculated policies that align with global economic conditions and evolving market dynamics.

He emphasized that these collective measures, in the face of ongoing challenges, are vital to ensure long-term oil market stability and enhance resilience of the global economy.

Al-Roumi’s remarks came in a statement issued by Kuwait’s Ministry of Oil today, following a virtual meeting with fellow representatives of the voluntary cut group. The meeting included senior officials from Algeria, Saudi Arabia, the United Arab Emirates, Iraq, Kazakhstan, Oman, Russia, and Kuwait.

Minister Al-Roumi lauded the outcomes of the meeting, which reflected a strong consensus among the eight countries on the importance of maintaining a stable oil market, supported by a balanced supply-demand framework and a positive global economic outlook. He pointed out that participants demonstrated both flexibility and cooperation in adjusting production levels when needed.

The discussions covered the current levels of oil production commitments, with a particular focus on reviewing the voluntary adjustments initially agreed upon in April and November of 2023.

Al-Roumi explained that under the December 5, 2024 agreement, the group would begin gradually and flexibly rolling back 2.2 million barrels per day of voluntary cuts starting April 1, 2025. In this context, the eight participating countries agreed to increase their collective output by an additional 411,000 barrels per day in July 2025.

Reiterating Kuwait’s consistent support for OPEC+ efforts, Al-Roumi said that current data points—such as a reduction in global oil inventories—demonstrate the recovery of oil market fundamentals.

He highlighted that accelerating the process of production adjustments will also enable member countries to make up for previous production overages starting from January 2024.
Joining Minister Al-Roumi in the meeting were Kuwait’s Governor to OPEC, Mohammed Al-Shatti, and the National Representative to the Organization, Sheikh Abdullah Sabah Salem Al-Humoud Al-Sabah.