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by IANS |
Kuwait City, May 6 (IANS) The decision of the Organization of the Petroleum Exporting Countries (OPEC) and its allies to raise oil output will help restore market balance, Kuwait's Deputy Prime Minister and Oil Minister Mohammad Al-Fares said on Thursday.
The minister said that the decision aims to "restore market balance through a monthly increase", and will ensure market stability and achieve a balance between supply and demand, Xinhua news agency reported.
OPEC and its allies, known as OPEC+, reconfirmed on Thursday "the decision to adjust upward the monthly overall production by 432,000 barrels per day for the month of June 2022", after the 28th OPEC and non-OPEC Ministerial Meetings, sticking to existing plans for modest oil production increase in June despite surging crude prices.
The decision was made after taking into account the factors including the US interest rate increase and the drop in global growth and demand for oil due to a rise in commodity prices, Al-Fares said.