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Kuwait will raise oil output by 85.000 barrels per day (bpd) starting on Sunday. part of an agreement between OPEC and non-OPEC producers to increase production by one million bpd. Energy Minister Bakhit al-Rashidi told a local newspaper on Saturday.
“Kuwait will raise its oil production from tomorrow to 2.785 million barrels. a daily increase of 85.000 compared to May. based on last week’s production cut agreement.“ Rashidi told Arabic-language daily Al-Rai.
OPEC agreed with Russia and other oil-producing allies this month to raise output from July by about 1 million bpd.
Saudi Arabia plans to pump up to 11 million bpd in July. and Russia has said it could increase output by more than 200.000 bpd.
Oil prices hit $80 a barrel this year for the first time since 2014. prompting consumers like the United States to raise concerns.
