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Oil Minister: Kuwait extends its voluntary reduction of 135,000 barrels per day until next June

03-03-2024

His Excellency Dr. Imad AlAtiqi, Deputy Prime Minister and Minister of Oil, stated in a press release that Kuwait will extend its voluntary production cut of 135,000 barrels per day for the second quarter of the current year 2024. Dr. AlAtiqi pointed out in a press statement issued by the Ministry of Oil that this decision comes in coordination with some countries participating in the OPEC+ agreement. Dr. AlAtiqi clarified that Kuwait's production will continue at 2.413 million barrels per day until the end of June 2024. The Minister AlAtiqi raised the spirit of cooperation and coordination, confirming that this decision is in support of market stability, and that the additional reduction will be gradually restored according to market conditions. This voluntary reduction is in addition to the voluntary reduction of 128,000 barrels per day, which Kuwait announced in April 2023, and will continue until the end of December 2024. He also confirmed that the additional voluntary reduction is aimed at enhancing the precautionary efforts made by OPEC+ countries to support the stability and balance of petroleum markets.