OPEC+ likely to stick to its output target despite Kuwait’s concerns

OPEC+ likely to stick to its output target despite Kuwait’s concerns

“The markets are slowing. Since COVID-19 has begun its fourth wave in some areas, we must be careful and reconsider this increase. There may be a halt to the 400,000 (bpd) increase,” Mohammad Abdulatif Al-Fares told Reuters at a government-sponsored event in Kuwait City. He added that the economies of East Asian countries and China remain affected by COVID-19 and caution must be exercised. “There are meetings with OPEC countries, especially the Gulf Cooperation Council countries, and so far there are different views on how to handle this issue," Fares said. The alliance might not change course easily as there are outages in North America affecting oil prices. Mexico has seen a halt of more than 400,000 bpd due to an offshore oil rig accident, while producers in the US are expecting decline in output due to a new storm hitting the US Gulf coast. Oil and natural gas explorers in the US Gulf of Mexico and Louisiana refineries have begun shutting production ahead of Hurricane Ida. About 1.65 million bpd, or 91 percent of crude production, and 85 percent of gas output was shut-in as of Saturday, while 1.9 million bpd of refining capacity is shut, about 10 percent