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Deputy Prime Minister (Minister of Oil) of Kuwait stresses the importance of participating in the Arab Energy Conference

12-12-2023

Kuwaiti Deputy Prime Minister, Minister of Oil, and Minister of State for Economic Affairs and Investment, Dr. Saad Al-Barrak, stressed on Monday the importance of participating in the Arab Energy Conference, which highlights many topics related to energy affairs. This came in a speech by Minister Al-Barrak during the opening of the 12th Arab Energy Conference in the capital, Doha, under the slogan (Energy and Arab Cooperation), to discuss the importance of cooperation between Arab countries in various fields of energy and in confronting the burdens and responsibilities imposed on us as producing and exporting countries. He stressed the importance of contributing to achieving energy supply security and supporting the growth and prosperity of the global economy at a time when oil, as a major source of energy, faces many challenges that affect the growth of global demand for it and its prices as a result of some policies followed by major consuming countries. Al-Barrak said, "We are called upon to activate joint Arab action through organizations and bodies concerned with energy affairs and existing projects between our countries by encouraging investment and establishing new partnerships in various energy fields in accordance with their economic feasibility to operate on a commercial basis and to attract, train and qualify Arab workers and cadres." He pointed out that the State of Kuwait pays special attention to joint Arab cooperation in various fields, including the petroleum field. Kuwait is considered one of the founding countries of the Organization of Arab Petroleum Exporting Countries (OAPEC), and it hosts the organization’s headquarters and contributes to all the companies emanating from it and provides to the organization and other Arab economic and petroleum institutions and companies. All facilities necessary to achieve its goals and carry out its activities. He stated that the State of Kuwait adopts a balanced and wise policy that takes into account the local and international dimensions. Kuwait is one of the founding countries of the Organization of the Petroleum Exporting Countries (OPEC) and works in cooperation with the member states of the organization and in coordination with producing countries from outside it to stabilize global oil markets and protect prices from oscillations and fluctuations. At the local level, Minister Al-Barrak stated that the State of Kuwait is working according to a policy based on preserving the sources of petroleum wealth and optimally exploiting and developing them according to the best means to ensure the development of the state’s revenues and increasing its income, out of its belief in the importance of oil as a primary source of income for it and a major source of energy for it and for the world. He pointed out that the oil sector in the State of Kuwait has developed a petroleum strategy that aims to meet the needs of local energy consumption, rationalize its uses, and contribute to meeting the requirements of the growing global oil markets by increasing the production capacity of crude oil and natural gas, of both associated and free types, and expanding refining capacity and petrochemical activity, investment and expansion. In foreign operations in exploration and production activities and in subsequent operations in the main and promising consumption areas in a way that secures demand for Kuwaiti oil. The petroleum strategy also aims to transfer and localize advanced petroleum technology, work to attract and qualify national workers, and localize jobs in petroleum operations inside and outside Kuwait, in addition to enhancing the role of the private sector to contribute to the various stages of the petroleum industry. At the international level, Minister Al-Barrak stressed the State of Kuwait’s keenness to actively and continuously participate in all meetings held by regional, Arab and international organizations and groups to coordinate with its sister countries of the Gulf Cooperation Council and Arab countries and with developing countries and other producing countries to defend the economic and petroleum interests of these countries together. It is noteworthy that the conference began today and will last for two days with the participation of a number of Arab oil and energy ministers.