Kuwaiti Oil Minister Bader Al-Mulla announced that "the voluntary production cut by OPEC+ countries is a proactive move to support market stability amid developments in the global economic situation and its rapid impacts."
After the 48th meeting of the Joint Ministerial Monitoring Committee for OPEC+, which was held today via video conference, Al-Mulla stated, "Among these developments is the rapid pace of rising global interest rates, levels of global debt, the banking crisis, and geopolitical developments," noting that "OPEC+ focuses on supporting the stability of oil markets."
He indicated that "OPEC+ continues its policy of cutting production by two million barrels per day until the end of 2023."
He praised "the initiative of the countries participating in the voluntary cuts under the OPEC+ agreement, which will be implemented from May until the end of 2023."
