Kuwait's Deputy Prime Minister and Oil Minister Saad Hamad al-Barrak stated that Kuwait has no plans to participate in additional voluntary oil production cuts. Speaking to reporters at an OPEC seminar, he said, "No, we are not considering it right now. We have already made the sacrifice."
Al-Barrak explained that Kuwait is currently reducing production capacity as part of its OPEC+ quota and intends to increase production to 3.2 million barrels per day (bpd) next year, (up from the current level of approximately 2.8 million bpd - TASS). He emphasized that "Kuwait will adhere to its agreement with its partners and will not go beyond the agreed terms."
Russia recently announced a voluntary reduction of 500,000 bpd in oil exports for August, while Algeria plans to cut oil production by 20,000 bpd in August. Saudi Arabia also intends to extend its voluntary production cut of 1 million bpd into August.
Regarding possible changes to oil contracts, al-Barrak stated that it is a possibility and that Kuwait is exploring various sources for over $300 billion of investments in the energy sector until 2040. However, he mentioned that there are currently no plans for oil and gas license rounds due to certain constitutional requirements.
The eighth OPEC International Seminar, focused on "Towards a Sustainable and Inclusive Energy Transition," is taking place from July 5-6 in Vienna's Hofburg Palace. The seminar brings together ministers from OPEC member countries, other oil producers, international organization leaders and top energy company executives. TASS is the official media partner of the event.
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Based on materials from TASS