Kuwait begins increasing crude oil production

Kuwait began increasing its crude oil production in accordance with the OPEC+ agreement, Reuters reported on Thursday citing Kuwait News Agency (KUNA).

Commenting on its development, Kuwait's oil minister that their plan to increase crude oil production covers the shared zone with Saudi Arabia.

This doesn't seem to be having a significant impact on crude oil prices. The barrel of West Texas Intermediate (WTI), which reached a multi-year high of $83.93 earlier in the day, was down 0.85% on a daily basis at $82.80.

"The markets are slowing. Since COVID-19 has begun its fourth wave in some areas, we must be careful and reconsider this increase. There may be a halt to the 400,000 (bpd) increase," Mohammad Abdulatif al-Fares told Reuters on the sildelines of a government-sponsored event in Kuwait City.

Economies of East Asian countries and China remain affected by COVID-19 and caution must be exercised, Fares added.

U.S. President Joe Biden's administration has urged OPEC and its allies to boost oil output to tackle rising gasoline prices that it views as a threat to the global economic recovery.