Kuwaiti army statement following the announcement of the “three missiles”

Kuwaiti Oil Minister Muhammad Al-Faris said on Sunday that at the next OPEC Plus meeting on September 1, a review of the increase approved by the group could take place last month.

The OPEC Plus group, which includes OPEC member states and allies including Russia, will meet next Wednesday to discuss a previously agreed production increase of 400,000 barrels per day for several months.

The minister said on the sidelines of a government sponsored event in Kuwait City: “There is a market downturn, since Covid started its fourth wave in some areas, we need to be cautious in this regard and reconsider this increase and there may be either a halt to this increase, estimated at 400,000 barrels.

“The economies of East Asia and China are still affected by COVID-19, so caution should be exercised,” he added.

The administration of US President Joe Biden has urged OPEC and its allies to increase production in the face of rising gasoline prices, which it sees as a threat to the global economic recovery. members take a different point of view.

He explained that “there are meetings with the OPEC countries, especially the Gulf Cooperation Council countries, and so far there are different views to interact with this issue.”

Last year, OPEC hit a record production drop of 10 million barrels per day, equivalent to about 10% of global demand, with energy demand plummeting due to travel restrictions. and closures in some countries to deal with the spread of the emerging Corona virus pandemic.