Kuwait Oil Minister Says Country Has Ramped Up Oil Production to Meet Increased Demand; Warns of Disconnect in the Paper Market
24-08-2022
Deputy Prime Minister and Minister of Oil and Minister of Cabinet Affairs Dr Mohammad Al-Faris announced today that, in keeping with Kuwait’s commitment to ensure secure and stable supplies of oil to the international markets, Kuwait has increased its crude oil production in line with its committed volumes of 2.811 million barrels per day under the OPEC+ agreement. The increased production is consistent with announcements made by Kuwait Petroleum Corporation that it is bringing on line investments that ensure international oil markets are adequately supplied and can meet the expected future demand.
Dr. Al-Faris further emphasized that Kuwait will continue to support efforts to promote market stability, particularly through the OPEC+ forum. He said: “Since 2020, OPEC+ successfully restored and maintained oil market balance and stability by ensuring adequate supplies to markets.”
He warned, however, that “structural supply weaknesses caused by years of underinvestment have led to extremely limited worldwide spare capacity, thereby creating extraordinary volatility in the oil markets at a time when these markets need stability like never before to allow participants to plan future production capacity increases to meet rising demand.” To that end, he assured that “Kuwait supports all efforts designed to protect market stability against the recent harmful volatility that threatens to undermine the basic functions of the market.
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