This statement, voiced by Ahmad Fahd al-Ahmad Al Sabah, the electricity and water minister and the president of the Kuwait Petroleum Corporation, was made public on Tuesday through OPEC's Vienna HQ channels.
However, the Kuwait minister said, "this planned raise will take place only provided that present prices for crude oil are preserved." "If some events that will send oil prices down occur, it will be useless to increase export oil volumes," he added.
In line with the decision taken at the 131st conference in Beirut, OPEC has already raised quotas on production and export of oil by 2 million bpd from July 1, thus bringing the cartel's export oil deliveries ceiling to 25.5 million bpd. As for the new increase of oil export quotas by 500,000 barrels per day, this issue cannot find consensus in the framework of the world oil cartel of ten countries (the eleventh member, Iraq, does not count: it can deliver to the market as much oil as it can). In particular, Iran and Venezuela - the second and third largest oil exporters in OPEC - believe it necessary to leave oil quotas unchanged, at least until a regular 133rd OPEC conference scheduled for September 15 in Vienna.
