“Had not a number of OPEC members, including Kuwait and Saudi Arabia, increased their oil production, prices would have jumped way above the current level,” Mohammad al-Baseeri told the KUNA news agency.

“Without this measure, oil prices would have shot above current levels causing a global crisis and contributing to a recession in the global economy which is still recovering from the impact of the 2008 crisis,” he said.

The increase in production by Saudi Arabia and Kuwait came after the Organization of Petroleum Exporting Countries refused in June to raise production, Baseeri said.

Global Arab Network

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