OPEC + could reconsider increased production, says Kuwaiti oil minister

KUWAIT, Aug. 29 (Reuters) – The increase in oil production agreed last month by OPEC + nations could be reconsidered at its next meeting on September 1, it said on Sunday. Minister of Petroleum of Kuwait.

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 barrels per day (bpd) over the coming months.

“Markets are slowing down. Since COVID-19 has started its fourth wave in some areas, we need to be careful and reconsider this increase. There may be a halt to the 400,000 (bpd) increase,” he said. tell Reuters Mohammad Abdulatif al-Fares on the verge of a government-sponsored event in Kuwait City.

The economies of East Asian countries and China continue to be affected by COVID-19 and caution must be exercised, Fares added.

The administration of U.S. President Joe Biden has urged OPEC and its allies to increase oil production to cope with rising gasoline prices that it sees as a threat to global economic recovery. Read more

Asked about the call in the United States, Fares said OPEC + members had differing views on the issue.

“There are meetings with OPEC countries, especially Gulf Cooperation Council countries, and so far there are different views on how to address this issue,” Fares said.

OPEC + implemented a record production reduction of 10 million barrels per day last year, equivalent to about 10% of world demand, when energy demand fell due to restrictions travel and national blockades to counter the extension of COVID-19.

Written by Aziz El Yaakoubi Edited by David Goodman

Our standards: the principles of trust of Thomson Reuters.