Kuwait has said that it will increase oil production to 2.811 million barrels per day to ensure safe and stable supplies amid rising global demand.
In a statement cited by Kuwait News Agency, Deputy Prime Minister and Oil Minister Mohammad Al-Fares said on Wednesday that the rise is in line with the decision by OPEC+, a group of 23 oil-exporting countries, to increase oil output to meet the growing demand and Kuwait's commitment in offering sufficient supplies to international markets.
"Kuwait supports all efforts aimed at protecting the stability of the market from the recent fluctuations that threaten to undermine the basic functions of the market," the minister said, warning of structural weaknesses in the production sector due to years of underinvestment.
The minister said early this month that OPEC+ would enter a new phase of cooperation to manage the oil markets more effectively and play a more significant role in the coming years, reports Xinhua.
After a video conference on Aug. 3, OPEC+ said it will increase output by 100,000 barrels a day for September after raising it by 648,000 barrels per day in July and August.
Since the spring of 2021, OPEC+ has started modest increases in production quotas to return to pre-COVID-19 pandemic levels.