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, Al-Mulla added.
OPEC+ member states agreed on Oct. 5, 2022, to collectively cut production by 2 million barrels per day from November 2022 till the end of 2023. OPEC+ includes 23 member states, including the 13 member states of the OPEC in addition to the other 10 producing states.
Source: Qatar News Agency