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The State of Kuwait welcomes the decision of (OPEC+) to extend the voluntary cuts

02-06-2024

Kuwait on Sunday welcomed a decision taken by OPEC and its allies, including Russia, to prolong oil production cuts of up to 1.65 million barrels per day (bpd) into the end of next year, saying the measure aims to support market stability and balance. As per the measure, taken amid OPEC Plus ministerial-level talks in Saudi Arabia's capital Riyadh, voluntary cuts of 2.2 million bpd, agreed upon in November of 2003, will be extended into the end of September 2024, according to an OPEC Plus statement. These 2.2 million bpd output slashes will be gradually "reinserted" into total production on a monthly basis until the end of Septmber 2025, added the statement, underlining that any output increases will depend on "market developments." The statement acknowledged the "total commitment" to output cuts on the part of OPEC Plus member states Iraq, Russia and Kazakhstan, saying it would be instrumental in boosting cooperation within the group. The meeting was attended by representative of Saudi Arabia, Kuwait, Iraq, the UAE, Kazakhstan, Algeria and Oman.