OPEC +: Kuwaiti Oil Minister affirms that there are no discussions on increasing oil production


Kuwaiti Deputy Prime Minister and Oil Minister, Badr Al-Mulla, denied today, Tuesday, rumors about the existence of discussions on OPEC + alliance’s intention  to increase oil production at its next meeting.

The Kuwait News Agency, KUNA, stated that Al-Mulla affirmed Kuwait’s will to maintain balance in the oil markets.

Yesterday, Monday, Saudi Arabia categorically denied the latest reports of an increase in production by 500,000 barrels per day at the next OPEC + meeting on the fourth of next December.

Saudi Minister of Energy, Prince Abdulaziz Bin Salman Bin Abdulaziz, , said that “OPEC + does not discuss any decisions before its meetings,” noting that the current cut of two million barrels per day by OPEC + will continue until the end of 2023.

It’s worth recalling that the member states of the OPEC + alliance officially agreed, on the fifth of last October, to collectively reduce production by two million barrels per day, as from this November, after the recommendation of the Ministerial Committee earlier.

A statement issued by OPEC + attributed the reason for this decision to the uncertainty surrounding the prospects for the global economy and the oil market, and the need to strengthen the long-term guidance of this market.

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