Kuwait set to increase oil production to meet demands

Kuwait has increased its crude oil production following its 2.811 million barrels per day quota under the OPEC+ agreement. Dr. Mohammad Al Faris, Kuwait's Deputy Prime Minister, Minister of Oil, and Minister of State for Cabinet Affairs, announced the supply increase on Wednesday. He also said the decision is set to ensure secure and stable oil supplies to the international markets. The Minister said in a press release that the increased production is consistent with announcements made by Kuwait Petroleum Corporation (KPC) that it can bring online investments that ensure the international oil markets are adequately supplied and meet the anticipated future demand. Dr. Al Faris emphasized that Kuwait will continue supporting initiatives to foster market stability, mainly through the OPEC+ conference. "Since 2020, OPEC+ successfully restored and maintained oil market balance and stability by ensuring adequate supplies to markets," he said. He also warned 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." He reaffirmed 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." BKM/ Expat Media
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