Kuwait sets August oil output at 2.66 million bpd

Kuwait's Minister of Oil, Tareq Al-Roumi, announced on Sunday that the country's oil output will rise to 2.66 million barrels per day in August 2026. This adjustment is part of a broader agreement among seven nations to increase production by a total of 188,000 barrels per day as they exit voluntary production cuts.

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Kuwait believes in the importance of consultation and coordination among producing countries in facing the rapid changes in energy markets, noting that the ongoing cooperation has helped strengthen the market’s ability to handle different challenges in recent times.

The decision aims to meet the growing needs of the global oil market. Minister Al-Roumi emphasized that the meeting, held via video conference, was crucial for monitoring market developments and reviewing supply and demand indicators. Kuwait believes that consultation and coordination among producing countries are vital for navigating the rapidly changing energy markets.

Al-Roumi highlighted that ongoing cooperation has strengthened the market's resilience to challenges. The increase in production is a gradual and balanced approach, directly responding to market requirements. The minister also stressed the importance of continued dialogue to foster confidence and maintain stability in global energy markets.

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The meeting comes as a continuation of implementing the decision to exit the voluntary reduction agreement and increase total production, as part of a gradual and balanced approach according to the needs of the oil market.

The meeting included Kuwait's Governor to OPEC, Mohammad Khidr Al-Shatti, and its national representative, Sheikh Abdullah Sabah Salem Al-Hamid Al-Sabah. The next gathering of the seven participating countries is scheduled for August 2, 2026.

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The oil minister confirmed that the meeting is part of ongoing coordination to monitor developments in the global oil market and review supply and demand indicators to support market stability and enhance supply reliability.