Kuwaiti officials have said they are ready to support any decision by OPEC and its allies to extend restrictions on oil production until next year. This is despite the fact that some miners would prefer to increase mining quotas.
The de facto leader of the Organization of the Petroleum Exporting Countries, Saudi Arabia and Russia, which is outside OPEC, are in agreement to extend restrictions on oil production until at least January. OPEC+ group’s daily production quota (OPEC and its allies) is currently reduced by less than eight million barrels per day. Oil major powers are demanding an extension of restrictions, especially as oil demand is significantly weakened, putting downward pressure on the price of black gold.
“Kuwait fully supports any efforts by the OPEC+ Group to stabilize the oil market. For this reason, we will support any decision that leads to this goal,” said Khaled al-Fadhel, The Kuwaiti Minister for Oil Production.
Representatives of individual countries in the OPEC+ group are due to meet as early as November to discuss and then decide on the next steps in the field of mining. Kuwait and the United Arab Emirates usually support Saudi Arabia’s position. But they also hope that cutting production won’t take too long, because both countries depend relatively heavily on oil revenues.