News
& Events

His Excellency the Minister of Oil participates in the meeting of the OPEC+ Ministerial Committee (JMMC) to monitor production

04-10-2023

His Excellency the Deputy Prime Minister, Minister of Oil, Minister of State for Affairs Economic and Investment Dr. Saad Al-Barrak participates in the meeting of the OPEC plus Ministerial Committee for Production Monitoring (JMMC). His Excellency the Deputy Prime Minister, Minister of Oil, Minister of State for Economic Affairs and Investment, Dr. Saad Al-Barrak, headed the Kuwaiti delegation participating in the 50th meeting of the Joint Ministerial Production Monitoring Committee (JMMC), which was held on Wednesday, October 4, 2023, in the presence of the Governor of the State of Kuwait. OPEC, Mr. Muhammad Khader Al-Shatti, and the National Representative of the State of Kuwait to OPEC, Sheikh Abdullah Sabah Salem Al-Humoud Al-Sabah. His Excellency the Minister said in a press statement issued by the Ministry of Oil that the oil market is moving in the right direction towards balanced supply and demand. Furthermore, Al-Barrak stressed that the world is required to increase investment in all types of energy sources, including oil, to ensure meeting the needs of growing demand, the recovery of the global economy, and energy security. He stated that the OPEC Plus cuts are necessary to stabilize the market on sustainable markets, praising the OPEC Plus precautionary measures to confront the challenges facing the global oil market. He praised the decision taken by both the Kingdom of Saudi Arabia and Russian Federation to continue the voluntary reduction and extending it until the end of 2023, and its positive impact on the balance and stability of the oil market. Dr. Saad Al-Barrak stressed that the State of Kuwait is committed to the OPEC Plus decisions to reduce production, in addition to the voluntary reduction, and that the State of Kuwait recognize it international role and will continue to invest to expand its oil production capacity to reach 3.2 million barrels per day during 2024