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Tuesday, June 28, 2022

Kuwait to increase oil production to 2.77 mn bpd in July

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Kuwait City, June 3 (Ajit Weekly News) Kuwait has announced that its oil production will rise to nearly 2.77 million barrels per day (bpd) in July.

Kuwaiti Deputy Prime Minister and Oil Minister Mohammad Al-Fares made the announcement on Thursday after participating in the 29th Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC Ministerial Meeting held through video-conferencing.

Al-Fares said that Kuwait’s oil production will rise to nearly 2.77 million bpd in July, based on the decision of the OPEC and its allies, a group known as OPEC+, Xinhua news agency reported.

The Minister praised the decision of OPEC+ to raise the monthly production, saying that it would contribute to enhancing the security of supplies in the oil markets.

“This means that the OPEC+ countries will recover a large part of their production quotas in the coming months, close to the levels before the outbreak of the Covid-19 pandemic at the beginning of 2020,” he said.

The OPEC+ on Thursday agreed to significantly increase oil output in July amid calls for the alliance to help contain the surging oil prices.

–Ajit Weekly News
int/khz/

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