Saturday , February 16 2019

Kuwait to raise oil output after OPEC deal: Al-Rashidi

‘Deal positive’

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.

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