Kuwait and the UAE have said they had not taken any position before the next OPEC+ meeting on December 2 to decide the response to a coordinated release of strategic oil reserves by major oil-consuming countries. During the upcoming summit, OPEC+ will discuss their production policy for January, specifically, whether there is a need to deviate from the original plan to gradually boost production by 400,000 bpd each month.
The UAE’s energy minister Suhail al-Mazrouei said the group needed to use data in deciding the next production policy. Meanwhile, his Kuwaiti counterpart Muhammad Al-Fares said the country is open to consultations in the next week’s meeting.
This week, the US led a joint effort with China, Japan, South Korea, and India to release crude from their strategic reserves. The move came after their calls for more supplies met resistance from OPEC+. Some OPEC+ officials have suggested sticking to the current plans, citing the current supply and demand fundamentals. However, some sources said there was an idea floated of delaying the planned output rise.
