Kuwait to keep oil market ‘well-supplied’

OPEC producer Kuwait will adhere to its oil policy aimed at keeping global markets well-supplied following the death of the Gulf Arab state’s Emir Sheikh Jaber al-Ahmad al-Sabah, Kuwaiti oil officials said yesterday.

“Kuwait’s (oil) policy will not change. It will continue to cooperate with OPEC in the interest of both producers and consumers,” an official said. “The oil sector is running as normal, both production and exports.”

Kuwait, the fourth-biggest producer in the Organisation of the Petroleum Exporting Countries, is pumping at around 2.68 million barrels per day (bpd). It controls about 10% of global oil reserves.

Under the constitution, Crown Prince Sheikh Saad al-Abdulla al-Sabah will become emir. But analysts say they expect Saad to be a figurehead, while Prime Minister Sheikh Sabah al-Ahmad al-Sabah will continue to effectively run the US-allied country - a role he has played over the past four years.

Kuwaiti Oil Minister Sheikh Ahmad al-Fahd al-Sabah said at last month’s OPEC meeting that Kuwait, which has a formal OPEC quota of 2.247 million bpd, would continue to meet the needs of global oil markets.

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