Kuwait Reiterates Commitment to Oil Market Stability Within OPEC+
Kuwait has reiterated its commitment to ensuring stability in the global oil market and enhancing collaborative efforts within the OPEC+ alliance. This initiative aims to achieve a sustainable balance between supply and demand in international markets.
The statement was made by Kuwaiti Oil Minister Tareq Al-Roumi after leading the Kuwaiti delegation in a virtual meeting involving eight countries focused on the exit strategy from voluntary production cuts, alongside the Joint Ministerial Monitoring Committee (JMMC) meeting.
Minister Al-Roumi noted that these meetings are part of ongoing efforts to monitor developments in the global oil market, assess production levels, and ensure adherence to agreed-upon commitments, all of which contribute to market stability and supply security during this period.
He emphasized the JMMC's crucial role in promoting transparency and overseeing the implementation of agreements, enabling member countries to adapt to rapid changes in energy markets and mitigate significant price fluctuations.
During the meetings, the eight participating countries agreed to maintain production levels through March 2026, with Kuwait's production set at 2.580 million barrels per day as part of the transition from the voluntary production cut agreement.
The Kuwaiti delegation included Minister Al-Roumi, Kuwait's Governor at OPEC, Mohammed Al-Shatti, and national representative Sheikh Abdullah Sabah Salem Al-Humoud Al-Sabah.
This stance underscores Kuwait's ongoing dedication to supporting the stability of global energy markets and fostering international collaboration to address challenges within the oil sector, benefiting both producers and consumers alike.
