VIENNA, June 24, (KUNA): Kuwait will increase oil output in line with a recent OPEC agreement to open taps for one million barrels per day (bpd), a deal that will have “positive” impacts on markets, Oil Minister Bakheet Al-Rashidi said Saturday.
He was speaking to KUNA after a meeting of OPEC and non-OPEC oil ministers, who supported the agreement, and expected stability to be restored to oil markets in the wake of the deal.
Kuwait, he added, was not looking for a specific price for the oil barrel but stability of oil markets, which served interests of producers and consumers as well as oil investors.
Al-Rashidi said fluctuation of prices was not in interest of oil markets’ stability nor long-term investment.
He said Kuwait would increase its production in line with million-bpd increase agreement, to take effect next month, but the quota would be determined by a miniserial committee, co-chaired by Saudi Arabia and Russia.
OPEC, and non-OPEC producers, with Russia on top, agreed in late 2016 to cut output by 1.8 million bpd to stabilize world oil markets. A six-month agreement came into effect on January 1, 2017, and was later extended for nine months as of July 1, 2017.