KUWAIT CITY, June 4: Deputy Prime Minister and Minister of Oil Dr. Imad Al-Atiqi affirmed on Tuesday that the economic conditions and interest rates were two main factors in determining market stability and supply and demand rates. In a ministry press release, Minister Al-Atiqi said that the OPEC and OPEC+ ministerial meetings that were held on Sunday came as part of OPEC+ efforts to help stabilize the oil market. Al-Atiqi applauded the positive results of those meetings that would help restore balance in the oil market, in which they included the extension of voluntary output cuts until December 2025.

He called for being cautious during the revision of the oil market developments, pointing out that OPEC+ strategy towards the market will depend mainly on the pattern of those developments. He stated that Kuwait’s decision to extend its voluntary reduction of 135,000 barrels per day (bpd) until September 2024 instead of the end of the second quarter of this year will contribute to supporting the oil market and its stability, with coordination and cooperation with the countries participating in OPEC+, pointing out Kuwait’s continued production at 2.413 million bpd. He stressed that the commitment of the OPEC+ member states in the voluntary reduction in an integrated manner is vital, as it will ensure market stability and interacting proactively with the dynamics of global oil demand. On June 2, OPEC and its allies, including Russia, agreed to prolong oil production cuts of up to 1.65 million bpd into the end of next year, with the aim to support market stability and balance (KUNA)