DUBAI: Kuwait’s oil minister said on Tuesday global markets have been able to absorb the gradual oil production increases introduced by the Organization of Petroleum Producing Countries (OPEC) and its allies in May, state-run KUNA news reported.
Minister Mohammad Abdulatif Al-Fares’s comments came in a statement ahead of a meeting of the group, collectively known as OPEC+, KUNA added.
“There are indications that life is returning to normal in many countries as vaccination programs against the coronavirus accelerate,” he said, adding that there should be higher demand for crude in the second half of the year.
Al-Fares also confirmed that Kuwait is fully committed to all OPEC decisions and said oil markets will be able to absorb the gradual output increase decided by OPEC+ that started last May, KUNA said, citing a ministry statement.
