Kuwait will increase its crude production by 27,000 barrels per day (bpd) to 2.6 million bpd from 1 Feb. 2022 in compliance with its new crude output quota after the OPEC and non-OPEC alliance’s decision to upwardly adjust output level by 400,000 bpd as of next month.
Deputy Prime Minister and Minister of Oil Dr. Mohammad Al-Fares made this announcement after attending the 36th meeting of the joint ministerial monitoring committee and the 24th meeting of the oil ministers of the OPEC and non-OPEC partners that was held via videoconference today.
Al-Fares underscored the importance of full conformity of the OPEC and non-OPEC alliance with output levels to retain market stability and inflow of supplies.
He said that despite growing fears about the return of lockdowns and quarantine measures, particularly after the emergence of new variants, as well as the rising inflation rates, there are many reasons to be optimistic about the future: mainly the continuing recovery of global economy such as a spike in global demand for oil and the release of strategic crude reserves by several countries.
The minister said the OPEC+ alliance will remain prudent in approach with regards to production adjustments and will review output levels on a monthly basis to ensure market stability. Earlier, the OPEC+ decided to proceed with a production hike of 400,000 bpd, keeping their current policy of slight monthly increases in output.
The decision is based on current needs of the global oil market, amid worries over what effects the COVID-19 Omicron variant may have on energy demand, said an OPEC+ statement.