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His Excellency Deputy Prime Minister and Minister of Oil Dr. Muhammad Abdul Latif Al-Faris participates in the "OPEC Plus" meetings

31-03-2022

His Excellency Deputy Prime Minister, Minister of Oil and Minister of State for Cabinet Affairs Dr. Mohammed Abdul Latif Al-Faris headed the delegation of the State of Kuwait participating in the thirty-ninth meeting of the Joint Ministerial Committee for Production Monitoring (JMMC) in the alliance of the Organization of Petroleum Exporting Countries and non-OPEC producing countries (OPEC Plus), as well as The twenty-seventh ministerial meeting of the Organization of Petroleum Exporting Countries and non-OPEC producing countries (OPEC Plus), as well as the 183rd extraordinary ministerial meeting, which was held on Thursday, March 31, 2022, via video communication technology, and participated with Minister Al-Faris, Governor of the State of Kuwait at OPEC, Mr. / Mohammed Khader Al-Shatti, and the National Representative of the State of Kuwait to OPEC, Sheikh Abdullah Sabah Salem Al-Hamoud Al-Sabah. Minister Al-Fares said, according to a press statement issued by the Ministry of Oil, that (OPEC Plus) is closely following the developments of the oil markets in light of global geopolitical changes and their repercussions on the oil markets, stressing that the alliance aims primarily to maintain the balance of supply and demand and to ensure the continuation of supplies in the market and global economic growth. The Minister stated that Kuwait continues to play a pivotal role in stabilizing the oil markets, as a responsible and influential producer in the Organization of the Petroleum Exporting Countries (OPEC), and is keen to meet global energy needs within the (OPEC Plus) agreement, through the permanent consultations it holds with the member states of the organization and consensus. Minister Al-Fares praised the results of the OPEC Plus conference, which is in line with the OPEC Plus strategy in raising production since August 2021, which has proven its effectiveness in the security of supplies in the market, and it is known that it is reviewed on a monthly basis in the framework of achieving stability. His Excellency Minister Al-Faris pointed out the role of (OPEC Plus) in following the strategy of raising production, and with the change in the reference basis for production quotas, the increase will be 432 thousand barrels per day per month, and with it the quota for the production of the State of Kuwait for the month of May 2022 will be at 2.695 million barrels per day. Dr. Al-Faris also indicated that the secondary sources in the oil markets that are adopted by OPEC have been reviewed to calculate their production levels on a monthly basis and to adopt new sources. Al-Fares praised the commitment of the member states participating in OPEC Plus to the agreement to declare cooperation, which in turn enhances the maintenance of market stability and ensures the security of supplies.