CAIRO, Oct 5 (Reuters) – Kuwait’s acting Oil Minister Mohammed Al-Fares said on Wednesday that OPEC+’s decision to cut output by 2 million barrels a day would have positive ramifications for markets tankers, the official news agency reported.
“The decision gives us a great responsibility to monitor market developments in the event of an increase in supply or production,” Al-Fares told the agency.
Al-Fares now heads the oil portfolio on an interim basis after it was announced on Wednesday that he would be replaced in a new cabinet by Hussein Ismail.
Join now for FREE unlimited access to Reuters.com
He said OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies including Russia, works to serve the global economy, not threaten it.
“We understand consumer concerns about potential price increases, but what motivates us (OPEC+) is basically maintaining the balance between supply and demand,” he said.
He said that OPEC+ has never made decisions with the aim of imposing “hegemony”, but has always been concerned with providing sufficient supplies to the markets at reasonable prices that do not harm or harm the producers or consumers.
“The oil ministers of the 23 countries under the OPEC+ umbrella will continue to deliberate and monitor market developments and take appropriate actions as needed and with the aim of serving the interests and balances of oil markets. world,” he said.
Join now for FREE unlimited access to Reuters.com
Reporting by Lilian Wagdy and Alaa Swilam; Editing by Richard Pullin
Our standards: The Thomson Reuters Trust Principles.