OPEC + could re-evaluate output growth, Kuwait’s oil minister said

A 3D-printed fuel pump plug is shown in front of the stock graph and OPEC logo in this image, April 14, 2020. REUTERS / Dado Ruvic / Illustration

Kuwait, August 29 (Reuters) – Kuwait’s oil minister said on Sunday that last month’s OPEC summit could be reconsidered at a September 1 meeting.

The partners, including the Organization of Petroleum Exporting Countries (OPEC) and OPEC +, will meet on Wednesday to discuss an increase of 400,000 barrels per day (BDD) over the next several months.

“Markets are declining. Covenant-19 In some areas, we have to be careful and reconsider since the fourth wave began. An increase of 400,000 (BDD) could be stopped, ”Mohammed Abdullatif al-Fares told Reuters. Government-sponsored event lines in Kuwait City.

East Asian countries and China’s economies have been hit by COVID-19, and care must be taken, Fares added.

The administration of US President Joe Biden has urged OPEC and its partners to increase oil production in order to cope with the rising cost of gasoline. Read more

Asked about the US call, Fares said members of OPEC + have different views on the issue.

“There are meetings with OPEC countries, especially the Gulf Cooperation Council, and there are still different views on how to handle this,” Farres said.

OPEC + implemented a 10 million BPD enrollment reduction last year as travel demand and energy shortages reduced due to travel restrictions and national locks.

Edited by Aziz El Yakub by David Goodman

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