Kuwait Oil Minister: OPEC+ Decisions Are Based on Global Oil Market Needs

Kuwait, December 04 (QNA) – All decisions taken by OPEC+ are based on the needs of the global oil market in a bid to ensure stability, Kuwait’s Deputy Prime Minister and Oil Minister Dr. Bader Al Mulla said on Sunday, underlining his country’s support for these measures.

The group, which includes the Organization of the Petroleum Exporting Countries (OPEC) member states and Russia, will continue to “monitor” global market developments in order to determine appropriate measures, he told the 34th OPEC+ Ministerial meeting via video link.

OPEC+ on Sunday opted to stick to its existential output policies of slashing the daily production by two million barrels, a day ahead of the planned implementation of two measures aimed at hitting Russia’s oil revenues: a European Union boycott of most Russian oil imports and a price cap of $60 per barrel on Russian exports imposed by the EU, the Group of Seven countries and Australia.

Moscow has said it would not sell its oil under the price cap. Russian Deputy Prime Minister Alexander Novak said on Sunday that Russia will not sell oil that is subject to a Western price cap even if it has to cut production, and is working on mechanisms to prohibit the use of a price cap instrument, regardless of what level is set.

OPEC+ said it had cut output because of a weaker economic outlook. Oil prices have declined since October due to slower Chinese and global economic growth and higher interest rates. (QNA)

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