Kuwait oil minister says OPEC+ strategy ensures market stability, balance

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The Kuwaiti oil minister said on Thursday, May 12^th, 2022 that the OPEC+ strategy of monthly crude production increases ensures market stability and balance, the state news agency KUNA reported.

A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020

Minister Mohamed al-Fares also said that the group, comprised of the Organization of Petroleum Exporting Countries and allies including Russia, was monitoring coronavirus lockdowns in Chinese cities and any possible supply disruptions.

OPEC+ agreed earlier on Thursday, May 12^th, 2022 to another modest monthly oil output increase, arguing that the producer group could not be blamed for disruptions to Russian supply and saying China’s coronavirus lockdowns threatened the outlook for demand.