Kuwait ramps up crude oil production to meet increased demand

Due to the rise in demand for oil, the Kuwaiti oil minister has announced that they will increase crude oil production and are expecting to meet the future demand. This can help stabilize the extreme volatility in oil markets at the moment which is a result of years of underinvestment, oil minister Al-Faris says. OPEC officials claim that the cut in production coincides with Iran’s potential reintroduction into the oil markets with the west.