Kuwait supports OPEC+ decisions maintaining crude market stability: oil minister

Dubai — Kuwait supports OPEC+ decisions that help maintain stability in crude markets, particularly in light of the negative repercussions from the pandemic, the country's oil minister said Jan. 4, as ministers from the coalition were set to meet virtually to discuss February oil production levels.

Mohammed al-Fares cautioned about the impact of the second COVID-19 wave on oil markets, but voiced optimism for a gradual crude demand recovery in the second half of 2021 with the roll-out of vaccines, the state-owned Kuna news agency reported, citing an oil ministry statement. Fares was appointed oil, electricity and water minister in December.

OPEC+ ministers will meet virtually on Jan. 4 to set crude production levels for February, with the spread of new COVID-19 variants potentially giving ministers pause on proposals to increase output. The coalition began on Jan. 1 tapering their cuts by hiking collective output by 500,000 b/d, instead of the original 1.9 million b/d rise previously slated for this month, amid the weak global oil demand outlook.

A ministerial monitoring committee, co-chaired by Saudi energy minister Prince Abdulaziz bin Salman and Russian deputy prime minister Alexander Novak, the country's primary OPEC+ envoy, will convene virtually at noon Vienna time (1100 GMT), followed by the full OPEC+ meeting at 3 pm (1400 GMT).