Energy Kuwait increases oil output to ensure market stability By Pramod Kumar August 25, 2022, 5:33 AM Creative Commons The winning consortium will pay a signature bonus of $12.3m to Brazil's federal government Kuwait has increased its crude oil production to match its 2.811 million barrels per day quota under the OPEC+ agreement, state news agency KUNA reported citing Dr. Mohammad Al Faris, Kuwait Deputy Prime Minister and Minister of Oil. The increased production follows announcements made by Kuwait Petroleum Corporation that it is bringing on line investments that ensure international oil markets are adequately supplied and can meet the expected future demand, the minister stated. Al Faris further stressed that Kuwait will continue to support efforts to promote market stability, particularly through the OPEC+ forum. “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.” This has created 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, the minister said. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
