News ID: 315840
Published: 0153 GMT August 29, 2021

OPEC+ could reconsider output increase, says Kuwaiti oil minister

OPEC+ could reconsider output increase, says Kuwaiti oil minister

Kuwait’s oil minister said on Sunday that the 400,000 barrel per day increase in oil output agreed by OPEC+ nations in previous gatherings might be reconsidered at its next meeting on Sept. 1.

The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, collectively known as OPEC+, will meet on Wednesday to discuss the previously agreed increase of 400,000 bpd for the next several months.

"The markets are slowing. Since COVID-19 has begun its fourth wave in some areas, we must be careful and reconsider this increase. There may be a halt to the 400,000 bpd) increase," Mohammad Abdulatif al-Fares told Reuters at a government-sponsored event in Kuwait City.

He added that the economies of East Asian countries and China remain affected by COVID-19 and caution must be exercised.

The U.S. has urged OPEC and its allies to boost oil output to tackle rising gasoline prices that it views as a threat to the global economic recovery. Asked about the U.S. call, Fares said OPEC+ members had different views on the matter.

"There are meetings with OPEC countries, especially the [Persian] Gulf Cooperation Council countries, and so far there are different views on how to handle this issue," Fares said.

OPEC+ last year implemented a record output cut of 10 mbd, equating to about 10% of world demand, when energy demand plunged because of travel restrictions and national lockdowns to counter the spread of COVID-19.


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