Kuwait, Iraq back OPEC+ oil supply rise plan, despite calls for extra supply

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Kuwait and Iraq support sticking to plans to raise oil output by 400,000 barrels per day (bpd) at an OPEC+ meeting on Thursday, as the US called again for extra supply to cool rising prices.

Kuwait’s oil minister Mohammad Abdulatif al-Fares said on Monday that the OPEC member supports the plan to raise output, which would ensure adequate crude supply to balance the global market, state news agency KUNA reported.

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Iraq’s state oil marketing company, SOMO, said on Saturday that the OPEC member sees raising output as already planned was sufficient to meet demand and stabilize the market.

US President Joe Biden on Saturday urged major G20 energy producing countries with spare capacity to boost production to ensure a stronger global economic recovery.

President Biden’s statement is part of a broad effort by the White House to pressure OPEC and its allies to increase supply.

Brent crude prices were trading at near $85 a barrel on Monday, despite China announcing a release of fuel reserves to increase market supply and support price stability in some regions.

OPEC heavyweight Saudi Arabia has already dismissed calls for more oil supplies from the group, saying the oil market was well-supplied.

“Other than the potential for the market returning to surplus next year, the other factor holding back the group is the uncertainty over if and when Iranian supply could return to the market,” bank ING said on Monday.

Last week, Iran said talks with six world powers to try to revive a 2015 nuclear deal will resume by the end of November.

Read more: Oil rises on demand outlook, despite China move to release fuel reserves

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