The State of Kuwait has voluntarily extended its oil production cuts into the second quarter, a move confirmed by the oil ministry. The announcement comes as Kuwait continues to implement a broader strategy coordinated with other oil producers, a policy detailed by Oil Minister Imad al-Atiqi and reported by Bloomberg News. Kuwait is signaling continued restraint to help stabilize oil markets during a period of fluctuating demand and evolving supply commitments across producer groups.
Kuwait previously led by example as the first OPEC+ member to reduce output by 135,000 barrels per day in the first quarter. The same policy was announced to remain in force through the next quarter, with the aim of reinforcing price stability and market balance. The extension aligns with other OPEC+ members that have agreed to keep compliant with voluntary cuts through June 2024, reflecting a shared determination to manage supply alongside demand expectations for the near term. The coordinated approach across the bloc underscores the collective effort to avoid rapid oversupply and to support fair, transparent pricing for consumers and producers alike.
Updated assessments show that the average daily oil production by countries participating in the OPEC+ accord in January 2024 fell by around 340,000 barrels per day compared with December 2023, landing at about 41.2 million barrels per day. A substantial portion of this decline occurred within the twelve OPEC members, where production trimmed by roughly 310,000 barrels per day. The remaining OPEC+ participants, which are not full members of the cartel, reduced output by an additional 30,000 barrels per day. These figures reflect concerted action across the alliance, as members balance strategic reserves, domestic energy needs, and external market pressures while pursuing a shared objective of market stability.
Earlier reports noted that Angola had begun communicating early results from its own production adjustments, following its exit from OPEC. The development illustrates the ongoing reassessment of production levels by non-OPEC members and the broader impact of such policy shifts on global supply dynamics. Market observers continue to monitor how these changes interact with geopolitical developments, seasonal demand patterns, and long-term price expectations, all of which influence the strategic planning of producers inside and beyond the OPEC+ framework. As the landscape evolves, analysts emphasize the importance of credible communication from member states and timely data releases to support informed investment decisions and policy discussions across North America and beyond.