Kuwait to implement voluntary output cut – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News

Kuwait to implement voluntary output cut – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News

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KUWAIT CITY, April 3, (Agencies): The State of Kuwait will implement a voluntary cut of 128,000 barrels per day from the month of May till the end of 2023, in coordination with some OPEC and non-OPEC Participating Countries in the Declaration of Cooperation, Deputy Prime Minister and Oil Minister Bader Al-Mulla said in a press release Sunday. This voluntary cut is a precautionary measure in addition to the reduction in production agreed at the 33rd OPEC and non-OPEC Ministerial Meeting on October 5, 2022, the minister added. Kuwait’s Deputy Prime Minister and Oil Minister Dr. Bader Al-Mulla said that the voluntary reduction of production from the countries participating in the OPEC+ agreement is a proactive move to bolster the stability of oil markets amid developments in global economic conditions and their accelerating effects.