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His Excellency the Minister of Oil heads the State of Kuwait delegation participating in the OPEC+ meetings

30-11-2023

His Excellency the Deputy Prime Minister, Minister of Oil, Minister of State for Economic Affairs and Investment, and Chairman of the Board of Directors of the Kuwait Petroleum Corporation, Dr. Saad Al-Barrak the state of Kuwait, said on Thursday 30 November 2023, that Kuwait will implement an additional voluntary cut of 135 thousand barrels per day starting 1st of January 2024 until the end of March 2024, in coordination with some OPEC+ participating countries. In a statement issued by Ministry of Oil, Kuwait’s production will be 2,413 thousand barrels per day until the end of March 2024. Afterwards, in order to support market stability, these additional cut volumes will be returned gradually subject to market conditions. This voluntary cut is in addition to the voluntary cut of 128 thousand barrels per day previously announced by Kuwait in April 2023, which extends until the end of December 2024. This additional voluntary cut comes to reinforce the precautionary efforts made by OPEC Plus countries with the aim of supporting the stability and balance of oil markets.