Kuwait: Coordination among oil-producing countries enhances market's ability to face challenges

July 5, 2026 - 20:01 | Last updated July 5, 2026 - 20:01

Tarek Al-Roumi. (Circulated).

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"Okaz" (Kuwait)

Kuwait's Oil Minister Tarek Al-Roumi affirmed Kuwait's belief in the importance of coordination among oil-producing countries in facing the rapid changes in energy markets, which contributes to enhancing the market's ability to deal with various challenges in the past period.

Review of indicators

The minister said in a press statement issued by the Ministry of Oil, after chairing the Kuwaiti delegation participating in the meeting of the seven countries involved in the agreement to exit from voluntary cuts held via video conferencing, that the meeting is part of ongoing coordination to follow up on global oil market developments and review supply and demand indicators to support market stability and enhance supply reliability.

Enhancing confidence

He explained that the meeting is a continuation of implementing the decision to exit the voluntary cut agreement and increase total production, within a gradual and balanced approach according to oil market needs.

He stated that the total increase for the seven countries participating in the exit agreement will be 188,000 barrels per day for August 2026, and Kuwait's production for August 2026 will be 2.66 million barrels per day.

He stressed the importance of continued dialogue and coordination in enhancing confidence in global energy markets and maintaining their stability in the coming period.

The next meeting of the seven participating countries is scheduled for August 2, 2026.

Kuwait oil market producing countries