Kuwait Has Voluntarily Reduced Oil Supply
Kuwaiti Minister of Oil and Acting Minister of Electricity and Water Dr. Khaled Al-Fahdel denied a media report claiming Kuwait was pressured to speed up slashing crude oil production ahead of implementing a recent deal on a production cut.
Kuwait supports collective action and consensus among OPEC’s member states, the minister said, affirming this approach as to adhere to the recent agreement between the organization members and their partners in the OPEC+ group.
Although the agreement goes into effect as of May 1, Kuwait has already decreased some of its supplies to the international markets, minister Al-Fadhel declared.
The crude producers worked out an accord April 23, cutting the daily output by 9.7 million barrels per day from May 1 to June 30, and by 7.7 mb/d for six months starting from July 1.
Minister Al-Fadhel noted the necessity of stakeholders to honour the cuts that have been agreed upon in coming months.
