KUWAIT: Kuwait's Deputy Prime Minister and Oil Minister Dr Mohammad Al-Fares praised OPEC+ countries' recent joint decision to raise oil output by 432,000 barrels per day in June, saying it aims to "restore market balance through a monthly increase." The decision made after OPEC and non-OPEC ministers, including Kuwait, held talks virtually, comes with several factors taken into account, said Dr Fares, who is also State Minister for Cabinet Affairs.

These include disruptions to supply as a result of citywide lockdowns in China due to an increase in COVID infections, US interest rate hikes and a drop in the global growth and demand for oil due to a rise in commodity prices. The recent agreement "enhances the security of supplies in the markets," he explained, "which ensures market stability and achieves a balance between supply and demand."

Oil-producing nations had agreed on Thursday to collectively raise their production of the commodity by 432,000 barrels per day for June. The decision was made in the wake of "continuing oil market fundamentals and the consensus on the outlook pointed to a balanced market," along with "the continuing effects of geopolitical factors and issues related to the ongoing pandemic, a statement read after virtual talks held between OPEC and non-OPEC oil ministers. - KUNA