Kuwait Times, Wednesday, Aug 24, 2022 | Muharram 26, 1444
Kuwait Oil Min. announces oil production to meet increased demand
Kuwait:
Kuwaiti Deputy Prime Minister and
Minister of Oil and Minister of Cabinet Affairs Dr. Mohammad Al-Faris announced
Wednesday that, in keeping with Kuwaitآ’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 2.811-million-barrels-a-day quota under the OPEC+
agreement.
The increased production is consistent with announcements made by Kuwait
Petroleum Corporation (KPC) that it is bringing on line investments that ensure
international oil markets are adequately supplied and can meet the expected
future demand, he said in a press statement released by the Ministry of Oil.
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.”