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H.E. Deputy Prime Minister and Minister of Oil Dr. Imad Al-Atiqi participates in the 53rd meeting of the Joint Ministerial Production Monitoring Committee (JMMC)

03-04-2024

His Excellency the Deputy Prime Minister, Minister of Oil and Chairman of the Board of Directors of Kuwait Petroleum Corporation (KPC), Dr. Imad Al-Atiqi, participated in the 53rd meeting of the Joint Ministerial Production Monitoring Committee (JMMC), which was held via video conference today, Wednesday, April 3, 2024, 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 Oil Minister said in a press statement issued by the Ministry of Oil that OPEC+ decisions are initiative taking and precautionary to protect the oil markets’ balance, praising the compliance of member countries with their quotas within OPEC+. He stressed the need to adhere to the OPEC+ decisions to achieve the balance of the oil market. His Excellency the oil minister expressed his optimism about all decisions that would contribute to strengthening OPEC+' leading role in achieving the desired goals and aspirations of member countries. Dr. Imad Al-Atiqi explained that OPEC Plus closely follows and monitor developments in the oil market and takes appropriate measures to ensure the balance of the oil market. Dr. Al-Atiqi stated that the State of Kuwait's decision to extend its voluntary reduction of 135,000 barrels per day until the end of the second quarter of this year contributed to the support and stabilization of oil markets in coordination and cooperation with the countries participating in the coalition. As a result, Kuwait's production stabilized at 2.413 million barrels per day until the end of June 2024.