Kuwait has ramped up its crude oil production in line with the Opec+ output accord to meet growing demand, Deputy Prime Minister and Minister of Oil Mohammad Al-Faris has said.
Opec's fourth-largest member has increased its production to meet its commitment of 2.81 million barrels per day, Mr Al-Faris said, according to a statement carried by the Ministry of Oil on Wednesday.
The output increase adheres to Kuwait’s “commitment to ensure secure and stable supplies of oil to the international markets”, the statement said.
“The increased production is consistent with announcements made by the Kuwait Petroleum Corporation that it is bringing on line investments that ensure international oil markets are adequately supplied and can meet the expected future demand.”
Kuwait will continue to support efforts to promote market stability through the Opec+ alliance of 23 oil producers, which is led by Saudi Arabia and Russia, Mr Al-Faris said.
“Since 2020, Opec+ successfully restored and maintained oil market balance and stability by ensuring adequate supplies to markets,” he said.
But Mr Al-Faris also warned and repeated statements made by other energy ministers and industry analysts that “structural supply weaknesses caused by years of underinvestment have led to extremely limited worldwide spare capacity”.
This situation has contributed to “extraordinary volatility in the oil markets at a time when these markets need stability like never before to allow participants to plan future production capacity increases to meet rising demand”, he said.
“Kuwait supports all efforts designed to protect market stability against the recent harmful volatility that threatens to undermine the basic functions of the market,” Mr Al-Faris said.
Brent, the global benchmark for two thirds of the world's oil, was trading 1.07 per cent higher at $101.30 a barrel at 3.50pm UAE time. West Texas Intermediate, the gauge that tracks US crude, was up 1.01 per cent at $94.69 a barrel.
"Crude prices are rallying as the dollar’s rally came to abrupt halt on growth concerns," said Edward Moya, a senior market analyst at Oanda.
"The oil market will remain tight whether business activity continues to weaken sharply or if economic growth remains choppy."
Opec+, which will meet on September 5 to assess the state of the oil market, agreed earlier this month to raise production by another 100,000 bpd next month amid pressure from major consumers, including the US, to cool prices.
However, oil has given up most of its gains since then amid mounting concerns over the possibility that a looming global recession could hit fuel demand.
Last month, the International Monetary Fund lowered its growth forecast for the global economy to 3.2 per cent this year, from its previous forecast of 3.6 per cent in April due to Russia’s war in Ukraine, high inflation and the Covid-19 pandemic.
Oil prices have edged up this week after Saudi Arabia, the world’s largest exporter of crude, said the Opec+ group can cut output if required to deal with the current volatility in oil markets.
Prince Abdulaziz bin Salman, Saudi Arabia's energy minister, in an interview with Bloomberg on Monday, said Opec and its allies "have the commitment … and the means” to deal with volatility on prices and “provide guidance including cutting production at any time and in different forms”.
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
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In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
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Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
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UAE currency: the story behind the money in your pockets
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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Admission: Free
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Treaty of Peace in Perpetuity Agreed Upon by the Chiefs of the Arabian Coast on Behalf of Themselves, Their Heirs and Successors Under the Mediation of the Resident of the Persian Gulf, 1853
(This treaty gave the region the name “Trucial States”.)
We, whose seals are hereunto affixed, Sheikh Sultan bin Suggar, Chief of Rassool-Kheimah, Sheikh Saeed bin Tahnoon, Chief of Aboo Dhebbee, Sheikh Saeed bin Buyte, Chief of Debay, Sheikh Hamid bin Rashed, Chief of Ejman, Sheikh Abdoola bin Rashed, Chief of Umm-ool-Keiweyn, having experienced for a series of years the benefits and advantages resulting from a maritime truce contracted amongst ourselves under the mediation of the Resident in the Persian Gulf and renewed from time to time up to the present period, and being fully impressed, therefore, with a sense of evil consequence formerly arising, from the prosecution of our feuds at sea, whereby our subjects and dependants were prevented from carrying on the pearl fishery in security, and were exposed to interruption and molestation when passing on their lawful occasions, accordingly, we, as aforesaid have determined, for ourselves, our heirs and successors, to conclude together a lasting and inviolable peace from this time forth in perpetuity.
Taken from Britain and Saudi Arabia, 1925-1939: the Imperial Oasis, by Clive Leatherdale
