KUWAIT CITY, Jun 2: Kuwait welcomed a decision by OPEC and its allies, including Russia, to extend oil production cuts of up to 1.65 million barrels per day (bpd) until the end of next year. This measure aims to support market stability and balance. The decision, made during OPEC Plus ministerial-level talks in Riyadh, Saudi Arabia, includes voluntary cuts of 2.2 million bpd, originally agreed upon in November 2003, which will now be extended until the end of September 2024, according to an OPEC Plus statement.

The statement added that these 2.2 million bpd cuts would be gradually "reinserted" into total production on a monthly basis until the end of September 2025, with any output increases contingent on "market developments." It highlighted the "total commitment" to output cuts by OPEC Plus member states Iraq, Russia, and Kazakhstan, emphasizing that this commitment would be crucial for enhancing cooperation within the group. Representatives from Saudi Arabia, Kuwait, Iraq, the UAE, Kazakhstan, Algeria, and Oman attended the meeting.