Kuwait started raising its oil output by 85,000 barrels per day (b/d) from July 1, in accordance with the recent agreement between OPEC and non-OPEC producers to increase production by 1 million b/d, according to Reuters.
“Kuwait will raise its oil production [from July 1] to 2.785 million barrels, a daily increase of 85,000 compared to May, based on last week’s production cut agreement,” energy minister Bakhit Rashidi told Arabic-language daily Al-Rai.
OPEC agreed on June 23 with other non-OPEC oil producers including Russia to raise collective output from July by roughly 1 million b/d.
Saudi Arabia plans to pump 11 million b/d in July, a record high for the country, up from 10.8 mb/d in June. Russia also plans to increase its output by roughly 200,000 b/d.
US President Donald Trump tweeted on June 30 that Saudi Arabia’s King Salman had agreed to his request to compensate for the loss of Iranian and Venezuelan output with production increases “maybe up to 2,000,000 barrels”.