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Kuwait oil minister commends OPEC+ output hike for June

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KUWAIT CITY, May 5: Kuwait’s Deputy Prime Minister and Oil Minister Dr. Mohammad Al-Fares on Thursday praised OPEC+ countries’ recent joint decision to raise oil output by 432,000 barrels per day in June, saying it aims to “restore market balance through a monthly increase.” The decison made after OPEC and non-OPEC ministers, including Kuwait, held talks virtually, comes with several factors taken into account, said Dr. Al-Fares, who is also State Minister for Cabinet Affairs.

Kuwait’s Deputy Prime Minister and Oil Minister Dr. Mohammad Al-Fares

These include disruptions to supply as a result of citywide lockdowns in China due to an increase in COVID infections, US interest rate hikes and a drop in the global growth and demand for oil due to a rise in commodity prices. The recent agreement “enhances the security of supplies in the markets,” he explained, “which ensures market stability and achieves a balance between supply and demand.” (KUNA)

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