The Strategist

Kuwait pushes up production under OPEC+ quota

08/25/2022 - 09:59

According to Deputy Prime Minister and Oil Minister Mohammad Al-Fares, Kuwait has increased oil production within the quota established by the OPEC+ agreement. He noted that the overall global production capacity is constrained due to years of underinvestment, which causes significant market volatility.

The minister said in a statement to the news agency KUNA that "the state of Kuwait has increased its crude oil production in accordance with the set quota of 2.811 million barrels per day in accordance with the (OPEC+) agreement and in line with the country's commitment to ensure safe and stable oil supplies to international markets."

He said that the rise in oil production was "consistent with the Kuwait Petroleum Corporation's goal to contribute investments that assure adequate supply in international oil markets and can meet the estimated future demand."

In addition, the minister noted that "structural deficiencies in the production industry, as a result of years of underfunding, have constrained spare capacity worldwide, producing major volatility in oil markets at a time when it needs to stabilize to meet rising demand."