Minister of Oil: Kuwait is committed to the importance of consultation and coordination among producing countries to address changes in energy markets

Kuwait City, July 5 (KUNA) -- Kuwait’s Minister of Oil, Tariq Al-Roumi, affirmed on Sunday the country’s conviction in the importance of consultation and coordination among producing nations in the face of rapid changes in energy markets, which contribute to enhancing the market’s capacity to address various challenges in recent periods. This statement was made by Minister Al-Roumi, as conveyed in a press release issued by the Ministry of Oil following his chairing of the Kuwaiti delegation participating in the meeting of the seven countries involved in the agreement on withdrawal from voluntary production cuts, held via video conferencing technology.

Al-Roumi noted that the meeting is part of continuous coordination to monitor developments in the global oil market and review indicators related to supply and demand, thereby supporting market stability and enhancing supply reliability. He clarified that the meeting serves to continue implementing the decision to withdraw from the voluntary production cut agreement and increase total production, in line with a gradual and balanced approach tailored to the needs of the oil market. He pointed out that the total increase for the seven participating countries in the withdrawal agreement will be 188,000 barrels per day in August 2026, and that Kuwait’s production in August 2026 will stand at 2.66 million barrels per day.

He stressed the importance of continuing dialogue and coordination to strengthen confidence in global energy markets and maintain their stability in the coming period. The Kuwaiti delegation, in addition to Minister Al-Roumi, included Muhammad Al-Shatti, Kuwait’s Governor at OPEC, and Sheikh Abdullah Sabah Al-Salem Al-Hamad Al-Sabah, Kuwait’s National Representative at OPEC.

The next meeting of the seven participating countries is scheduled for August 2, 2026. (End) K.M. / K.A.H.