Oil sailing ‘smoothly’ as OPEC-plus takes charge – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait English Daily

Oil sailing ‘smoothly’ as OPEC-plus takes charge – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait English Daily

YES … Leave it to the OPEC-Plus to manage the oil market and prices. The trick of managing the market was long overdue, but finally it has taken shape with the Saudi oil minister in charge, leading the music, and correcting or fine-tuning to bring everything back again into harmony. This is what happened recently, as the situation was corrected, and the group was brought back into harmony with improved tuning with the Saudi master in charge. From today, the OPEC-Plus volume will increase by 400,000 barrels per day, as per the recent agreement.

The agreement will remain in force until the end of next year. This time OPEC-Plus did something else – it also revised or upgraded the base volume for most of its group. It increased the production base line of Saudi Arabia and Russia from 11 million to 11.5 million barrels per day, for Emirates from 3.17 million to 3.5 million, and for Kuwait and Iraq by 15,000 barrels per day. It is worth noting the new baseline production for Kuwait will remain below three million and is to be firmly based at prediction of 2.909 million barrels per day.