(Illustrative photo: Shutterstock)

OPEC+'s decisions are based on oil market data and ensure the market's stability, Kuwait's oil ministry, Bader al Mulla, said in a statement on state news agency KUNA.

OPEC+, which comprises the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, angered the United States and other Western nations in October when it agreed to cut output by 2 million barrels per day, about 2% of world demand, from November until the end of 2023.

Washington accused the group and one of its leaders, Saudi Arabia, of siding with Russia despite Moscow’s conflict with Ukraine. OPEC+ argued that it had cut output because of a weaker economic outlook.

Oil prices have declined since October due to slower Chinese and global growth and higher interest rates, prompting market speculation that the group could cut output again.

All European Union governments completed on Saturday written approval of a 60 USD per barrel price cap on Russian oil. 

Analysts and OPEC ministers have said the price cap is confusing and probably ineffective as Moscow has been selling most of its oil to countries like China and India.