Kuwait Backs Current Output Pace Under OPEC+ Deal - Oil Ministry

MOSCOW (Pakistan Point News / Sputnik - 01st November, 2021) Kuwait supports the existing terms of the OPEC+ agreement with gradual monthly rise in oil production by 400,000 barrels per day, taking into account possible new challenges next year, the country's oil ministry said on Monday.

"His Excellency Oil Minister Dr. Mohammad Al-Fares supports the agreement on monthly production build-up, which was adopted at the 19th ministerial meeting of OPEC+ in July 2021," the ministry said on Twitter.

Further work within this strategy ensures sufficient supply and has proved its effectiveness in establishing stability in the oil market, according to the ministry.

"Al-Fares noted that challenges still remain on the markets, which is especially true for 2022. This substantiates the gradual continuation of the production build-up, according to the agreement, which is important for meeting the needs of the market," the oil ministry added.

The OPEC+ reduced oil production in May 2020 over low demand amid the pandemic. In line with the agreement that entered into force in August, the alliance plans to abandon its commitments on reduced production by late September 2022. The OPEC+ members support the terms of the deal despite the shortage in the oil market and record prices on the fossil fuel.