News

Global market needs dictate OPEC+ decisions -- Kuwait min.

Date: 04/12/2022     Time: 2:21 PM

All decisions taken by OPEC+ are based on the needs of the global oil market in a bid to ensure stability, Kuwait's Oil Minister Dr. Bader Al-Mulla said on Sunday, underlining his country's support for these measures. The group, which includes the Organization of the Petroleum Exporting Countries (OPEC) member states and ally Russia, will continue to "monitor" global market developments in order to determine appropriate measures, he told the 34th OPEC+ Ministerial meeating via video link. OPEC+ on Sunday opted to stick to its existential output policies of slashing the daily production by two million barrels, as the European Union prepares to levy a ban on Russian crude.