Kuwait oil minister says OPEC+ strategy ensures market stability, balance

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(VOVWORLD) - The Kuwaiti oil minister said on Thursday that the OPEC+ strategy of monthly crude production increases ensures market stability and balance, the state news agency KUNA reported.

Minister Mohamed al-Fares said the group, comprised of the Organization of Petroleum Exporting Countries and allies, including Russia, is monitoring coronavirus lockdowns in Chinese cities and all potential supply disruptions.

OPEC+ reconfirmed on Thursday "the decision to adjust upward the monthly overall production by 432,000 barrels per day for the month of June, 2022," after the 28th OPEC and non-OPEC Ministerial Meetings, sticking to existing plans for a modest oil production increase in June despite surging crude prices.

The decision was made after taking into account the US interest rate increase and the drop in global growth and demand for oil due to a rise in commodity prices, Al-Fares said.