Kuwaiti Oil Minister, Muhammad Al-Faris, indicated, on Sunday, that during the upcoming OPEC Plus meeting on the first of next September, a review of the increase approved by the group may take place last month.
The OPEC Plus group, which includes OPEC member states and allies including Russia, will hold a meeting next Wednesday to discuss a previously agreed production increase of 400,000 barrels per day for several months.
The minister said on the sidelines of a government-sponsored event in Kuwait City, “There is a slowdown in the market, since Covid started its fourth wave in some areas, we must take our caution in this aspect and reconsider this increase and there may be a halt to this increase, estimated at 400,000 barrels.” “.
“East Asian and Chinese economies are still affected by COVID-19, so caution should be exercised,” he added.
The administration of US President Joe Biden urged OPEC and its allies to boost production in the face of increased gasoline prices, which it considers a threat to global economic recovery. Al-Fares was asked about the American invitation, and he replied that “OPEC Plus members adopt a different view.”
He explained that “there are meetings with OPEC countries, especially the Gulf Cooperation Council countries, and so far there are different points of view to interact with this issue.”
Last year, OPEC achieved a record production cut of 10 million barrels per day, equivalent to about 10 percent of global demand, with demand for energy tumbling due to travel restrictions and closures in some countries to confront the spread of the emerging Corona virus pandemic.