Kuwait begins increasing crude oil production – Reuters

Eren Sengezer FXStreet

Citing Kuwait News Agency (KUNA), Reuters reported on Thursday that Kuwait began increasing its crude oil production in accordance with the OPEC+ agreement.

Commenting on its development, Kuwait's oil minister that their plan to increase crude oil production covers the shared zone with Saudi Arabia.

Market reaction

This headline doesn't seem to be having a significant impact on crude oil prices. As of writing, the barrel of West Texas Intermediate (WTI), which reached a multi-year high of $83.93 earlier in the day, was down 0.85% on a daily basis at $82.80.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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