Kuwait praises OPEC+ decisions for market stability

KUWAIT CITY, April 4, (KUNA): Kuwait Deputy Prime Minister and Minister of Oil Dr. Imad Al-Atiqi said Wednesday OPEC+ decisions were “initiative taking and precautionary” to protect oil markets’ balance, and Kuwait’s voluntary output cuts contributed to markets’ stability.

“OPEC+ decisions are initiative taking and precautionary to protect the oil markets’ balance,” Al-Atiqi said during a video conference meeting of the Joint Ministerial Production Monitoring Committee (JMMC).

Al-Atiqi, quoted by an Oil Ministry

statement, praised compliance of member countries with their quotas within OPEC+, and need to adhere to OPEC+ decisions to achieve the balance of the oil market.

Al-Atiqi, also Chairman of Board of Directors of Kuwait Petroleum Corporation (KPC), expressed optimism about all decisions that would contribute to strengthening OPEC+ leading role in achieving the desired goals and aspirations of member countries.

He noted that OPEC+ was closely following and monitoring developments in oil markets, and would take appropriate measures to ensure the balance of the markets.

The State of Kuwait’s decision to extend its voluntary reduction of 135,000 barrels per day until the end of the second quarter of this year contributed to support and stabilization of oil markets in coordination and cooperation with countries participating in the coalition, he said.

Following the production reduction, Kuwait’s production stabilized at 2.413 million bpd until the end of June 2024.

Al-Atiqi was joined in the JMMC meeting by Kuwait’s Governor to

OPEC Mohammad Al-Shatti and National Representative to OPEC, Sheikh Abdullah Sabah Al-Sabah.

Also:

KUWAIT CITY: The price of Kuwaiti oil went up by 45 cents to USD 90.00 per barrel on Wednesday compared to USD 89.55 pb the day before, said the Kuwait Petroleum Corporation (KPC) on Thursday.

The prices of the Brent crude and the West Texas Intermediate at the global markets both increased by 43 and 28 cents respectively, reaching USD 89.35 pb and USD 85.43 pb each.