Kuwait’s oil minister said that the OPEC+ meeting would significantly affect production policy formulation in the coming period, Kuwait’s state news agency reported on Saturday.
OPEC+ agreed in a meeting earlier in the day to accelerate oil production hikes for a second consecutive month in June.
Kuwaiti minister Tariq Suleiman Al-Roumi said the gradual increases in oil production could potentially be suspended or even cancelled in response to evolving market conditions, the state news agency said.
He also praised the OPEC+ member states’ readiness to implement additional voluntary increases in production in June as well as the “determination” of countries to fully compensate for any surplus production since January 2024.
In December, eight OPEC+ countries that have been implementing the group’s most recent output cut of 2.2 million bpd agreed to gradually phase it out in monthly increases of about 138,000 bpd from April 2025.
(Reporting by Jaidaa Taha and Ahmed Tolba; Editing by Kevin Liffey)