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His Excellency the Deputy Prime Minister and Minister of Oil Dr. Mohammed Abdullateef Al-Fares participates in OPEC meetings.

02-02-2022

His Excellency the Deputy Prime Minister and Minister of Oil, Minister of Electricity, Water and Renewable Energy, Dr. Mohammad Abdul Lateef Al-Fares, headed the delegation of the State of Kuwait participating in the 37th meetings of the Joint Ministerial Committee for Production Control and the 25th Ministerial Meeting of OPEC Plus, held on Wednesday, February 2nd, 2022, via video conferencing. His Excellency Minister Al-Fares was joined by the Governor of the State of Kuwait at OPEC, Mr. Muhammad Khaddar Al-Shatti and The State of Kuwait’s National Representative to OPEC Sheikh Abdullah Sabah Salem Hamoud Al-Sabah. Al-Fares cautioned against uncertainties associated with the potential impact of the Omicron variant; ongoing supply chain bottlenecks, recent central bank policy shifts to accommodate upside inflation, volatility in commodity markets, growing capacity strains from underinvestment in the oil industry, the challenge of high sovereign debt levels in many regions and geopolitical risks; Al-Fares stressed that the Market is witnessing a continuous recovery due to the improvement of the global economy and strong oil demand, and low levels of inventories. However, we need to be cautiously proactive and vigilant. Al-Fares praised the positive outcome of the ministerial meeting, which came in line with OPEC Plus strategy of raising production by 400,000 barrels per day since August 2021. Such strategy has been a successful and proven to be effective in providing security of supply to the market. It is reviewed on a monthly basis within the framework of achieving stability to the oil markets. Al-Fares also praised the commitment of the member states participating in OPEC Plus to the Declaration of Cooperation, which in turn enhances and maintains market stability and ensures the security of supplies. The State of Kuwait confirms that the monthly meetings achieve transparency and is considered the best response in a market witnessing rapid changes, and that OPEC Plus, through consultation, coordination and collective consensus does everything that contributes and supports balancing and stabilizing of the oil markets.