Kuwait: Kuwaiti Deputy Prime Minister and Minister of Oil Dr. Bader AlMulla, Thursday commended the wisdom and foresight demonstrated by the countries of the Declaration of Cooperation to, unanimously decide to reduce their overall production by two million barrels per day until the end of 2023, to ensure stability and balance in the international oil market for the benefit of the global economy.

In a statement to KUNA, Dr AlMulla also expressed concerns that the potential adoption of legislation that could undermine the efforts taken so far by countries of the Declaration of Cooperation, and create conditions for more oil market volatility and instability, which is a serious concern to the global energy market and the global economy.

He added that such conditions would not only threaten the stability of the oil market, but also lead to disruptions amidst higher uncertainty leading to further underinvestment in the oil industry creating disruptions in supply flows.

Without a doubt, these conditions are hazardous and need to be avoided in the benefit of producing and consuming countries, as well as the wider global economy, the minister noted.