Oil Minister: Maintaining a high level of flexibility to deal with any changes in the oil market
Kuwait City, Sept 6 (KUNA) -- Kuwait’s Minister of Oil Tariq Al-Roumi affirmed today, Sunday, that the current phase requires maintaining a high level of flexibility to address any potential changes in the oil market, noting that producing countries have the capacity to adjust their production levels in line with market developments once shipping and transportation return to normal.
This statement came in a press release from the Ministry of Oil following Minister Al-Roumi’s chairing of the Kuwaiti delegation participating in the meeting of the seven countries involved in the voluntary production cut adjustment agreement within the OPEC+ alliance, which was held via video conferencing.
Al-Roumi explained that the meeting is part of the monthly follow-up on global oil market developments, assessing supply and demand trends, and studying key economic indicators, all of which contribute to forming a clear vision of market conditions and needs in the coming period.
He praised the decision by the seven participating countries to maintain the required production levels (allocated quotas) for October 2026 at the same levels set for September 2026, clarifying that Kuwait’s production in October will continue at 2.676 million barrels per day.
He emphasized the importance of preserving the security and sustainability of energy supplies, and ensuring the smooth flow of tankers through strategic waterways, thereby guaranteeing safe and regular delivery of supplies to markets and supporting the growth of industrial and economic activities globally.
He highlighted the pivotal role played by OPEC and the OPEC+ alliance in enhancing energy security and supporting global oil market stability, noting Kuwait’s continued commitment to collective action and close coordination within the alliance to help achieve balance in global markets, serve the interests of producers and consumers, and support global economic growth.
The Kuwaiti delegation participating in the meeting included Kuwait’s Governor to the Organization of the Petroleum Exporting Countries (OPEC), Mohammed Al-Shatti, and the country’s National Representative to the organization, Sheikh Abdullah Sabah Al-Salem Al-Hamad Al-Sabah. (End) K.M. / A.M.H.
