"Kuwait pledges cooperation in ensuring the stability of international oil marketplaces"
Rewritten Article:
Dr. Tariq Al-Roumi, Minister of Oil for Kuwait, has reaffirmed his nation's dedication to reinforcing joint endeavors aimed at fortifying the stability of the global oil market. This commitment comes on the heels of escalating economic and geopolitical hurdles.
Al-Roumi made these remarks in an official statement issued shortly after leading Kuwait's delegation at the recent OPEC+ meeting. The gathering, which took place virtually, included representatives from eight member states. The resulting agreement concludes a planned increase in oil production by 411,000 barrels per day as of June 2025, according to Al-Rain daily reports.
The minister underscored the significance of the meeting, asserting it would play a pivotal role in shaping production policies for the near future. He commended the collective decision as both timely and strategically astute given the contemporary global context.
Particular emphasis was placed on the group's unwavering adherence to the Declaration of Cooperation and their solid commitment to voluntary production adjustments. These adjustments include the scheduled production increase, as well as endeavors to fully remedy for any overproduction dating back to January 2024.
To maintain adaptability and remain responsive, the scheduled increases could be temporarily halted or scrapped in accordance with market trends. "This flexibility empowers OPEC+ to remain agile and continue fostering oil market stability," Al-Roumi asserted.
He elaborated that this step would expedite the compensation process for past overproduction among the eight countries, promoting a more harmonious market environment.
Attending the meeting from the Kuwaiti side alongside Al-Roumi were OPEC Governor Mohammed Al-Shatti and Kuwait's National Representative to OPEC, Sheikh Abdullah Sabah Salem Al-Humoud Al-Sabah.
The joint statement from the eight OPEC+ countries-Kuwait, Saudi Arabia, Russia, Iraq, the UAE, Kazakhstan, Algeria, and Oman-confirmed the approved increase in output for June 2025. The decision stemmed from positive market signals, which included robust fundamentals and declining global inventories.
This output increase forms part of a broader, gradual plan to restore 2.2 million barrels per day in voluntary production cuts initially agreed upon on December 5, 2024, as implemented from April 1, 2025. The restoration will unfold in three stages, with provisions for adjusting or suspending the increases based on market conditions.
This built-in flexibility allows the alliance to make prompt adjustments to fluctuations in global supply, demand, and pricing.
[1] https://www.bloomberg.com/news/articles/2022-06-04/opec-and-allies-plan-to-raise-oil-output-as-prices-drop-on-demand[2] https://www.opec.org/opec_web/EN/press_releases/2023/40.htm
- Dr. Tariq Al-Roumi, a Kuwaiti minister, reaffirmed Kuwait's commitment to strengthening OPEC+ collaboration, aiming to secure oil market stability amidst escalating economic and geopolitical challenges.
- During the recent OPEC+ meeting, where Tariq Al-Roumi led Kuwait's delegation, it was decided to increase oil production by 411,000 barrels per day, starting from June 2025, as outlined in Al-Rain daily reports.
- The energy minister, Tariq Al-Roumi, highlighted the importance of this decision, suggesting it would play a crucial role in shaping production policies in the near future, given the current global context.
- In order to maintain flexibility and adapt to market trends, pending temporary halts or cancellations of the scheduled increases may occur, according to Tariq Al-Roumi's assertions.
