OPEC’s decision to increase oil production helps restore market balance: Kuwaiti Oil Minister
Kuwait: The decision by the Organization of the Petroleum Exporting Countries (OPEC) and its allies to increase oil production will help restore market balance, Kuwait’s Deputy Prime Minister and Petroleum Minister Mohammad said on Thursday. Al-Fares.
The minister said the decision aims to “restore market balance through a monthly increase”, and will ensure market stability and achieve a balance between supply and demand, Xinhua news agency reported.
OPEC and its allies, known as OPEC+, reconfirmed on Thursday “the decision to adjust monthly global production upwards by 432,000 barrels per day for the month of June 2022”, after the 28th OPEC ministerial meetings and non-OPEC, sticking to existing plans for a modest increase in oil production in June despite soaring crude prices.
The decision was made after taking into account factors such as rising U.S. interest rates and falling global growth and demand for oil due to rising commodity prices, Al said. – Fares.