Kuwait’s Minister of Oil, Dr. Tariq Al-Roumi, has reiterated the country’s dedication to joint efforts aimed at stabilizing global oil markets, amid ongoing economic shifts and geopolitical tensions.
His comments followed Kuwait’s participation in a recent OPEC+ virtual meeting, where eight member nations agreed to increase oil production by 411,000 barrels per day starting in June 2025, according to Al-Rai.
“This meeting plays a crucial role in shaping future production strategies,” Al-Roumi said, highlighting the challenges posed by international trade tensions and their influence on energy markets. He welcomed the group’s decision as both timely and strategically appropriate.
The minister emphasized the collective commitment to the Declaration of Cooperation and the countries’ agreement to voluntary production adjustments. These include not only the upcoming increase but also measures to compensate for overproduction dating back to January 2024.
Al-Roumi stressed the importance of flexibility, noting that the planned increases could be paused or reversed based on market trends. “This adaptability is key to ensuring continued stability in oil markets,” he added.
He also noted that accelerating the overproduction compensation process will contribute to a more balanced global supply environment.
Kuwait’s delegation included OPEC Governor Mohammed Al-Shatti and the country’s OPEC National Representative, Sheikh Abdullah Sabah Salem Al-Humoud Al-Sabah.
In a joint statement, the eight participating countries—Kuwait, Saudi Arabia, Russia, Iraq, the UAE, Kazakhstan, Algeria, and Oman—confirmed the June production boost. The decision follows positive market indicators, including stronger fundamentals and declining global oil inventories.
This increase is part of a phased plan to gradually unwind 2.2 million barrels per day in voluntary cuts initially agreed upon in December 2024 and implemented from April 2025. The plan allows for adjustments in response to shifts in global supply, demand, and pricing, ensuring continued market responsiveness. Photo by Zairon, Wikimedia commons.
