Kuwait Reaffirms Commitment to Oil Market Stability Within OPEC+

The State of Kuwait has reaffirmed its strong commitment to supporting global oil market stability and enhancing cooperation mechanisms within the OPEC+ alliance, as part of its efforts to achieve a sustainable balance between supply and demand in international markets.

This statement was made by Kuwait's Minister of Oil, Tareq Al-Roumi, following his leadership of the Kuwaiti delegation at a meeting of the eight countries involved in the voluntary oil production cut agreement, alongside the Joint Ministerial Monitoring Committee (JMMC) meeting, which was conducted via videoconference as part of the OPEC+ framework.

Minister Al-Roumi explained that these meetings are held to periodically monitor developments in the global oil market and review production levels and the degree of commitment by participating countries to the adopted agreements, which helps strengthen market stability and ensure supply security during the current phase.

He confirmed that the JMMC plays a crucial role in supporting transparency and monitoring the implementation of agreements, highlighting its central role in enabling member countries to flexibly manage rapid changes in energy markets and mitigate sharp fluctuations.

In this context, the eight participating countries agreed to maintain production rates through March 2026, setting Kuwait's production level at 2.580 million barrels per day, as part of the exit strategy from the voluntary production cut agreement.

The Kuwaiti delegation included, in addition to the Minister of Oil, the Governor of Kuwait to OPEC, Mohammed Al-Shatti, and the national representative of Kuwait to the organization, Sheikh Abdullah Sabah Salem Al-Humoud Al-Sabah.

This stance reflects Kuwait's ongoing commitment to supporting global energy market stability and enhancing international cooperation to address the challenges facing the oil market, benefiting both producers and consumers alike.