KUWAIT: Deputy Prime Minister and Minister of Oil Dr. Saad Al-Barak renewed Kuwait’s support for the decisions of the OPEC+ alliance on the reduction of oil output, affirming commitment to an additional voluntary cut of 135,000 bpd as of January 1 until the end of March 2024. The new reduction will bring Kuwait’s total output down to 2.413 million bpd, he said in a press conference on Wednesday.

Al-Barak, also minister of state for economic and investment affairs and board chairman of Kuwait Petroleum Corporation (KPC), commended the precautionary measures adopted by the recent OPEC and non-OPEC ministerial meetings to maintain the balance and stability of the oil market. The State of Kuwait will remain an active partner in the Declaration of Cooperation (DoC) between OPEC and non-OPEC countries, he added. — KUNA