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Kuwait Oil Minister: OPEC's "historic" decisions have kept global markets stable

14-09-2020

Dr. Khalid Al-Fadel the Minister of Oil, Acting, Electricity and Water has confirmed that the Organization of Petroleum Exporting Countries (OPEC) as usual has maintained the oil market with this year’s historic decisions to reduce production levels which are big in history in order to maintain prices, provide global supplies and ensure market stability. A statement was issued by the Minister of Oil on Monday on the 60th anniversary of OPEC Founding 14 of September 1960 said that the organization had demonstrated its leadership in the success of the ideal formula by maintaining prices to ensure the benefit of the consumer without adversely affecting the producer and the investor in the oil industry. The Organization's anniversary event this year has marked the world in difficult conditions for the oil market because of the outbreak of (COVID-19), which had led to massive economic upheavals and collapses unprecedented in the history of the oil industry. He drew attention to the fact that OPEC which had been founded at the initiative of the five major oil-producing States of Kuwait, Saudi Arabia, Iran, Iraq and Venezuela at a meeting in Baghdad capital of Iraq and had 13 producer countries were the most important organization established to maintain the stability of the global oil market and protect the world economy. In addition, Under-Secretary of Petroleum Sheikh Nimr Fahd Al Malik Dr. Nimr Fahd Al-Malik Al-Sabah said according to the statement, that the State of Kuwait was a leading and active role within OPEC by restoring balance and stability to the global oil market, which had earned it wide respect and appreciation by the States of the organization and elsewhere. Sheikh Nimr Al-Sabah added that the State of Kuwait is among the top five founding States of OPEC and has over the years become a leading voice in safeguarding the interests of both producer and consumer and uniting oil policies among Member States with a view to keeping prices from fluctuating sharply and thus supporting global economic growth. OPEC has proven to be a reliable source of oil for the entire world was a pivotal role in maintaining price stability and has always demonstrated itself to be the dominant player in world oil markets with sufficient productive flexibility to control price fluctuations and will continue this vital and important role in the coming decades.