CAIRO — Kuwait’s acting oil minister Mohammed Al-Fares on Wednesday said the OPEC+ decision to cut production by 2 million barrels per day will have positive ramifications on oil markets, the state news agency reported.
“The decision places a big responsibility on us to follow up on market developments in case supply or output increases,” Al-Fares told the agency.
Al-Fares is now leading the oil portfolio in an acting capacity after it was announced on Wednesday that he would be replaced in a new cabinet lineup by Hussein Ismail.
He said OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies including Russia, works to serve the global economy, not threaten it.
“We understand consumers’ concerns of prices potentially increasing but what moves us at (OPEC+) is basically maintaining balance between supply and demand,” he said.
He said OPEC+ never made decisions with the aim of enforcing “hegemony,” but rather it was always keen on providing sufficient supplies to the markets at reasonable prices that harm neither producers nor consumers.
“The oil ministers of the 23 countries under the umbrella of OPEC+ will continue deliberating and following market developments and will take appropriate measures as needed and with aim of serving the global oil markets’ interests and its balances,” he said. (Reporting by Lilian Wagdy and Alaa Swilam; Editing by Richard Pullin)