Kuwaiti Oil Minister: Strong OPEC+ coordination crucial for global energy stability

Kuwaiti Oil Minister Tareq Al-Roumi

KUWAIT CITY, Oct 2: Kuwaiti Oil Minister Tareq Al-Roumi on Wednesday emphasized the critical importance of continuous coordination among OPEC+ member countries to maintain stability in global oil markets and balance supply with demand, noting encouraging signs of recovery in market fundamentals and the global economy.

Al-Roumi’s remarks followed the 62nd meeting of the Joint Ministerial Monitoring Committee (JMMC), which he chaired virtually. The committee reviewed crude oil production data for July and August, praised high levels of compliance among members, and called on all participating countries to fully adhere to compensation mechanisms designed to preserve market equilibrium.

The Kuwaiti delegation included Kuwait’s OPEC Governor Mohammad Al-Shatti and National Representative Sheikh Abdullah Sabah Salem Al-Humoud Al-Sabah.

Meanwhile, the OPEC+ panel reiterated the necessity of full compliance with agreed oil output limits, including additional cuts some members must implement to offset previous quota breaches, according to an OPEC statement.

The online JMMC meeting, attended by key ministers from OPEC and allied producers led by Russia, began at approximately 12:30 GMT. While the committee monitors production compliance, it does not hold decision-making power over OPEC+ production targets but retains the authority to call extra meetings or request a full ministerial session if needed.

Since April, OPEC+ has shifted from its earlier output cut strategy, increasing quotas by over 2.5 million barrels per day—roughly 2.4 percent of global demand — in an effort to regain market share. This move followed pressure from US President Donald Trump aimed at lowering oil prices.

Sources familiar with ongoing discussions revealed that a separate meeting of eight OPEC+ countries scheduled for Sunday is expected to consider a further increase in oil production for November.