The Deputy Prime Minister and Minister of Oil, Dr. Bader Al-Mulla, said the voluntary reduction of production by the countries participating in the “OPEC +” agreement is a proactive move to support the stability of oil markets amid developments in global economic conditions and their accelerating effects.
This came in a statement by Minister Al-Mulla, after he headed the Kuwaiti delegation participating in the 48th meeting of the Joint Ministerial Committee for Production Control (JMMC), which was held via visual communication technology.
The minister stated that among those developments was the rapid pace of rising global interest rates, global debt levels, the banking crisis and geopolitical developments, noting that OPEC + focused on supporting the stability of oil markets.
He went on to say, that “OPEC +” continues the policy of reducing production by two million barrels per day until the end of 2023, as decided at the 33rd ministerial meeting of the group on Oct 5, 2022.
He praised the initiative of the countries participating in the voluntary reduction under the “OPEC +” agreement, which will be implemented from May next to the end of 2023.