Minister of Oil: Maintaining a high level of flexibility to deal with any changes in the oil market
Kuwait’s Oil Minister Tariq Al-Roumi affirmed on 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 activity returns to normal. This statement came in a press release from the Ministry of Oil following Minister Al-Roumi’s leadership of the Kuwait delegation at the meeting of the seven countries participating in the voluntary production cut adjustment agreement within the OPEC+ alliance, held via video conferencing.
Al-Roumi explained that the meeting is part of the monthly monitoring of global oil market developments and the assessment of supply and demand trends, alongside studying the economic indicators affecting the market, 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 production 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 the safe and regular delivery of supplies to markets and supporting the growth of industrial and economic activity globally.
He highlighted the pivotal role played by OPEC and the OPEC+ alliance in enhancing energy security and supporting the stability of global oil markets, noting that Kuwait will continue its commitment to collective action and close coordination within the alliance, which contributes to achieving balance in global markets, serving the interests of producers and consumers, and supporting global economic growth.
The Kuwait delegation participating in the meeting included Muhammad Al-Shatti, Kuwait’s Governor to the Organization of the Petroleum Exporting Countries (OPEC), and Sheikh Abdullah Sabah Salem Al-Hamad Al-Sabah, the National Representative to the organization.
