Kuwait backs OPEC+ output hold at 2.67 mln bpd for Oct

KUWAIT CITY, Sept 9: Kuwait plays a crucial role within the OPEC+ alliance, as its oil policy supports market stability and strengthens joint collective action. This role is clearl... Kuwait backs OPEC+ output hold at 2.67 mln bpd for Oct 09/09/2026 Add as Preferred Source on Google This role is clearly demonstrated through its full commitment to the collective decisions of the alliance to maintain balance in the global energy market. In an analysis of the recent OPEC+ decisions in the midst of the intensifying geopolitical conflict in the Middle East that led to a surge in energy prices, economic advisor Abdullah Al-Gharib confirmed in a statement to the newspaper that the current rise in oil prices is due to the escalating tension between the United States and Israel on one side, and Iran on the other side. He pointed out that this led to the volatility of global energy markets, along with vigilance and cautious anticipation. He cited as evidence the fact that the crude oil price reached almost $100 per barrel, specifically $98 over the past few days, compared to $87.44 on Aug 29. He considers this rapid rise, by about $11 within a short period, a reflection of the mounting pressure on the supply and demand system. He predicted that oil price will continue its meteoric rise, reaching $120 per barrel in the coming period, due to threats to strategic waterways, such as the Strait of Hormuz, and the resulting restrictions on logistical supply chains and global market supplies. He pointed out that in contrast to these dramatic shifts, the position of Kuwait emerged as a stabilizing factor and a wise analysis of the complex landscape. He praised the confirmation of Oil Minister Tariq Al-Roumi that Kuwait remains committed to the collective decisions of the OPEC+ alliance, including its decision to maintain oil production for October at the current level of 2.67 million barrels per day. He emphasized that this step indicates the cautious and well-considered vision of Kuwait for addressing fluctuations and ensuring balance between supply and demand to prevent haphazard speculation in energy markets. He asserted that such commitment by all parties protects the global energy system, while prioritizing price stability over engaging in fierce competition for individual market shares, which could lead to an unplanned deficit that harms the interests of both the producers and consumers.