Kuwait to increase oil production to 2.77 mn bpd in July

Kuwait City, June 3 Kuwait has announced that its oil production will rise to nearly 2.77 million barrels per day (bpd) in July.

Kuwaiti Deputy Prime Minister and Oil Minister Mohammad Al-Fares made the announcement on Thursday after participating in the 29th Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC Ministerial Meeting held through video-conferencing.

Al-Fares said that Kuwait's oil production will rise to nearly 2.77 million bpd in July, based on the decision of the OPEC and its allies, a group known as OPEC+, Xinhua news agency reported.

The Minister praised the decision of OPEC+ to raise the monthly production, saying that it would contribute to enhancing the security of supplies in the oil markets.

"This means that the OPEC+ countries will recover a large part of their production quotas in the coming months, close to the levels before the outbreak of the Covid-19 pandemic at the beginning of 2020," he said.

The OPEC+ on Thursday agreed to significantly increase oil output in July amid calls for the alliance to help contain the surging oil prices.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor