KUWAIT CITY, May 4: Oil Minister Tareq Al-Roumi reaffirmed Kuwait’s commitment to supporting efforts aimed at stabilizing global oil markets in line with ongoing economic developments. His statement, issued by the Ministry of Oil on Saturday, followed his leadership of the Kuwaiti delegation at a meeting of the eight-member countries of the OPEC+ alliance. The meeting, held via video conference, resulted in an agreement to increase oil production by 411,000 barrels per day for June 2025.

Al-Roumi highlighted that the outcomes of the meeting would have a direct impact on the formulation of future production policies, praising the timing of the discussions amid escalating international trade tensions and their potential effect on the energy sector.

He also commended the eight OPEC+ countries' commitment to the Declaration of Cooperation agreement, which includes voluntary production adjustments for June 2025. These adjustments, amounting to 411,000 barrels per day, are part of a broader effort to compensate for any surplus production since January 2024.

The Minister emphasized that the gradual increases in production could be suspended or even canceled, depending on evolving market conditions, offering OPEC+ the flexibility to support oil market stability. This flexibility, Al-Roumi noted, allows the group to quickly respond to market fluctuations and continue its role in maintaining balance within global oil markets.

The Kuwaiti delegation included Mohammed Al-Shatti, the Governor of the State of Kuwait to OPEC, and Sheikh Abdullah Sabah Salem Al-Humoud Al-Sabah, the National Representative of Kuwait to OPEC.

The eight countries that make up OPEC+—Kuwait, Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kazakhstan, Algeria, and Oman—announced the planned production increase in a joint statement. The statement attributed the decision to "positive indicators reflecting healthy market fundamentals and low levels of global inventory."

The production increase is part of a gradual and flexible plan to restore the 2.2 million barrels per day voluntary cut, which was agreed upon in December 2024 and began implementation in April 2025. The increase will be carried out in three monthly stages, with the possibility of adjustments or temporary pauses depending on market conditions. This approach allows OPEC+ to respond to fluctuations in oil prices, supply, and demand.