He labelled the cartel as “irrational” and promised that Kuwait “will act” if the world economy suffered as a result of the cuts.

“No one would cut back production at a time when prices are much higher than the agreed upon price,” said Mohammad. Kuwait had fought against OPEC’s decision to cut daily output by one million barrels.

“Kuwait has made a commitment not to take any decision that might harm world economic progress and we stand by that position,” he added.

However, the Sheikh did point out the cuts have yet to produce the expected rise in the global price of oil. According to Mohammad, “What we witnessed is that the market did not react to this decision the way that one would expect because I think the market realised that this is an irrational decision.”

Mohammad’s views were shared by Kuwait’s Energy Minister, Sheikh Ahmed Fahd al-Sabah, who added, “[My] country wanted a ‘balanced’ oil policy that takes into account the interests of both producers and consumers.”