Kuwait will voluntarily cut crude oil output by 135,000 barrels per day for three months starting January 1, 2024, First Deputy Prime Minister and Minister of Oil Dr. Saad Al-Barrak announced on Thursday.
Thus Kuwait oil production will stand at 2.413 million bpd until the end of March 2024, Al-Barrak, who is also minister of state for economic and investment affairs and board chairman of the Kuwait Petroleum Corporation, said in a statement following his participation in the 187 OPEC ministerial meeting and the 36 OPEC+ alliance ministerial meeting via videoconference.
The minister noted the decision was taken in coordination with other producers of the OPEC+ group.
He said that this an additional reduction to the previously announced by Kuwait in April 2023 and estimated at 128,000 bpd until the end of 2024.
Al-Barrak pointed out that the cuts are preventive measures taken by the OPEC+ alliance to ensure market stability and balance.
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