Mubasher: Kuwait’s Minister of Oil and Acting Minister of Electricity and Water, Khaled Al Fadhel, has refuted the circulating media reports claiming that Kuwait was pressured to speed up reducing crude oil output before a recent agreement on production cut by OPEC+ comes into effect.
In his remarks to state-run Kuwait News Agency (KUNA) on Thursday, the minister clarified that such decision is sovereign, noting that Kuwait supports collective action and consensus among OPEC+ members.
While the deal is effective on 1 May, Kuwait has already slashed part of its supplies to international markets out of the state’s sense of responsibility and in response to the challenging market conditions.
Al Fadhel also referred that Kuwait was among the top countries that adhered to their agreed output quotas over the past years.
Moreover, the minister stressed the importance of adherence to the agreed cuts during the coming months by all countries, emphasising the necessity to maintain the teamwork spirit so as to face the forthcoming challenges resulting from the coronavirus (COVID-19) impact on the global demand.
On 13 April, OPEC and its allies agreed to slash output by 9.7 million barrels a day starting May for two months.
