Kuwait: “OPEC +” could reconsider increasing production by 400,000 barrels per day

Kuwaiti Oil Minister Muhammad Al-Faris told Reuters on Sunday that at the upcoming OPEC + meeting on September 1, the 400,000 barrels per day increase approved by the group in its previous meeting could be reconsidered. .

“We still see that there is concern about the impact of Covid on the oil industry and the economies of East Asian countries and China. We need to be careful,” he added on the sidelines of a government-sponsored event in Kuwait City.

The ministers of the OPEC + group agreed last July to increase oil supplies since August, to calm prices that have risen to the highest level in two and a half years with the global economy in recovery from the Corona virus pandemic, as the group agreed to increase production by 400,000 barrels per day each month, starting in August 2021.

The group, which includes OPEC countries and allies like Russia, agreed in way decided new production quotas starting in May 2022 after Saudi Arabia and other countries accepted a request from the UAE to increase the baseline.

During the last meeting, it was decided to increase the baseline for OPEC + production from 43.8 to 45.5 million barrels per day, starting in May 2022.

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