OPEC+: Kuwait Reaffirms Support for Oil Market Stability

Kuwait has reaffirmed its steadfast commitment to supporting the stability of the global oil market and enhancing collaborative mechanisms within the "OPEC+" alliance, as part of its efforts to contribute to achieving a sustainable balance between supply and demand in global markets.

This was stated by the Kuwaiti Minister of Oil, Tareq Al-Roumi, following his chairing of the Kuwaiti delegation participating in the meeting of the eight countries concerned with the voluntary production cut exit agreement, alongside the Joint Ministerial Monitoring Committee (JMMC) meeting, both held via video conferencing within the framework of the "OPEC+" alliance.

Minister Al-Roumi explained that the two meetings come as part of the periodic follow-up on developments in the global oil market, reviewing production levels and the extent of commitment of the participating countries to the approved agreements, which contributes to enhancing market stability and ensuring supply security during the current phase.

He emphasized that the Joint Ministerial Monitoring Committee (JMMC) represents a fundamental pillar in supporting transparency and monitoring the implementation of agreements, pointing to its pivotal role in enabling member countries to flexibly respond to rapid changes in energy markets and mitigate sharp fluctuations.

In this context, the eight countries participating in their meeting agreed to maintain production rates for March 2026, with Kuwait's production rate set at 2.580 million barrels per day, as part of the exit path from the voluntary production cut agreement.

The Kuwaiti delegation participating in the two meetings included, in addition to the Minister of Oil, the Governor of Kuwait at the "OPEC" Organization, Mohammed Al-Shatti, and the national representative of Kuwait to the organization, Sheikh Abdullah Sabah Salem Al-Humoud Al-Sabah.

This position reflects Kuwait's ongoing commitment to supporting the stability of global energy markets and enhancing international cooperation in addressing the challenges facing the oil market, serving the interests of both producers and consumers alike.