Oil Minister: Collective action forms the cornerstone of maintaining oil market balance
Kuwait City, Aug 2 (KUNA) -- Kuwait’s Minister of Oil Tariq Al-Roumi affirmed on Sunday that Kuwait continues to support the approach of consultation and coordination within the OPEC+ alliance through its subordinate committees, driven by the conviction that collective action is the cornerstone for maintaining oil market balance and responding flexibly to changes in energy markets.
This statement was made by Minister Al-Roumi, as conveyed in a press release from the Ministry of Oil following his chairing of the Kuwaiti delegation participating in the meeting of the seven countries involved in the phased exit from the voluntary production cuts agreement, as well as the 67th meeting of the Joint Ministerial Monitoring Committee (JMMC). Both meetings were held via video conferencing.
Al-Roumi renewed his confidence in OPEC+’s ability to respond to market changes in a manner that supports supply security and global market stability. He noted that these meetings take place within the framework of continuous coordination among participating countries to monitor oil market developments and assess supply and demand conditions, amid ongoing threats to strategic shipping lanes for energy transport and in line with accelerating geopolitical shifts.
He praised the decision by the seven countries to continue their phased exit from the voluntary production cuts, completing the process by increasing total production by 188,000 barrels per day starting in September 2026. He emphasized that this decision aligns with the gradual and balanced approach adopted by participating countries, based on a precise reading of oil market indicators, and contributes to achieving a balance between supply and demand while supporting global market stability.
He clarified that Kuwait’s production will rise to 2.676 million barrels per day in September, reflecting Kuwait’s full commitment to OPEC+ collective decisions and their implementation according to approved timelines.
He added that with the completion of the exit from the voluntary production cuts agreement, it was agreed to continue holding monthly meetings to monitor oil market conditions and energy security, and to adopt appropriate strategies. The next meeting is scheduled for Sunday, September 4, 2026.
The Kuwaiti delegation participating in the meetings, in addition to Minister Al-Roumi, included Muhammad Al-Shatti, Kuwait’s Governor to OPEC, and Sheikh Abdullah Sabah Al-Salem Al-Hamad Al-Sabah, Kuwait’s National Representative to OPEC. (End) K.M. / T.A.B.
