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Kuwait has refused to accept a rollover of production quotas agreed upon by other members of the Organization of Petroleum Exporting Countries.
In a Geneva meeting June 8-10, Kuwait chose instead to boost production 560,000 b/d above its second quarter quota.
Under pressure from a newly elected parliament to increase production, Kuwaiti Oil Minister Ali Ahmed alBaghli refused an offer by OPEC members of a 10% increase over second quarter quota to 1.76 million b/d.
Al-Baghli insisted that Kuwait will produce as much as 2.16 million b/d in the third quarter. Iran led opposition to Kuwait, arguing that increased production will further weaken prices …