KUWAIT, May 6 (NNN-KUNA) – The decision of the Organisation of the Petroleum Exporting Countries (OPEC) and its allies, to raise oil output will help restore market balance, Kuwait’s Deputy Prime Minister and Oil Minister, Mohammad Al-Fares said, yesterday.
The minister said that, the decision aims to “restore market balance through a monthly increase,” and will ensure market stability and achieve a balance between supply and demand.
OPEC and its allies, known as OPEC+, reconfirmed yesterday “the decision to adjust upward the monthly overall production by 432,000 barrels per day, for the month of June, 2022,” after the 28th OPEC and non-OPEC Ministerial Meetings, sticking to existing plans for modest oil production increase in June, despite surging crude prices.
The decision was made, after taking into account factors, including the U.S. interest rate increase and the drop in global growth and demand for oil, due to a rise in commodity prices, Al-Fares said.– NNN-KUNA
