Kuwait supports any OPEC+ decision on oil supply policy

Omkar Godbole FXStreet Contributor

Kuwait said Thursday that it would support any decision taken by OPEC+, a loose cartel of major oil producers headed by Saudi Arabia and Russia, on future oil supply policy amid reports that some members are in favor of pumping more oil from January rather than extend output curbs a favored by Russia and Saudi Arabia.

The two leaders reportedly want to extend existing oil production cuts of around 7.7 million barrels per day (bpd) into next year as fuel demand is waning to renewed coronavirus concerns.

"Kuwait fully supports the joint OPEC+ efforts to restore balance to the oil market, and going forward we will also support whatever necessary joint decisions will be agreed to under the OPEC+ framework," Kuwaiti Oil Minister Khaled al-Fadhel said in a report published by state news agency KUNA, according to Reuters.

As part of the existing output cut deal, Kuwait's production is capped is at 2.297 million.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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