The OPEC + group’s agreement to cut production, according to acting Kuwaiti Oil Minister Muhammad Al-Faris, will benefit the oil markets.
Al-Fares was also quoted as saying on Wednesday by the Kuwait News Agency: “This decision puts us in front of a great responsibility to monitor market developments in terms of reducing production in the event of an increase in supply or increasing production quantities when there is a need for more oil supplies.
“After Hussein Ismail’s replacement in the new government was announced yesterday, Wednesday, Al-Faris is now serving as acting oil minister.
Al-Fares emphasised that “OPEC +” is striving to support, not undermine, the global economy.
He clarified, “We comprehend customers’ concerns about potential price increases, but what motivates (OPEC +) is essentially the need to strike a balance between supply and demand.
Al-Faris continued, “OPEC +” has never made a decision intended to impose “hegemony,” but is instead always eager to supply the market with enough supplies at fair prices that do not hurt the interests of producers or consumers.
The oil ministers of the 23 nations included under the (OPEC +) umbrella, according to him, “will continue to engage with one another, monitor market developments, and take appropriate steps as necessary to serve the interests of the global oil market and its balances.”
Kuwaiti minister: OPEC + benefits rather than endangers the world economy
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