OPEC+ oil production increases ensure market stability, says Kuwait minister

The Kuwaiti oil minister said on Thursday that the OPEC+ strategy of monthly crude production increases ensures market stability and balance, the state news agency KUNA reported.

Minister Mohamed Al-Fares also said that the group, comprised of the Organization of Petroleum Exporting Countries (OPEC) and allies including Russia, was monitoring coronavirus lockdowns in Chinese cities and any possible supply disruptions.

OPEC+ agreed earlier on Thursday to another modest monthly oil output increase, arguing that the producer group could not be blamed for disruptions to Russian supply and saying China's coronavirus lockdowns threatened the outlook for demand.

OPEC countries include Kuwait, Saudi Arabia, the UAE, Iran, Libya and Venezuela.

(Reuters)