News
& Events

Minster of Oil: OPEC’s September commitment has reached 102% to the highest level since the agreement began last May

19-10-2020

His Excellency the Minister of Oil, Acting, Electricity and Water Dr.Khaled Ali Al-Fadel has announced today after the delegation of Kuwait participating in the 23rd meeting of the Joint Ministerial Commitment to monitor production, which was held this evening. The OPEC Plus Commitment to production reductions in September has reached to 102 percent which is the highest level of commitment since the implementation production agreement started in May 2020. His Excellency Dr.Khaled Ali Al-Fadel the Minister of Oil said in a press statement that he confirmed the commitment statement of most countries that are improving and contributed to reach the unprecedented level of commitment for September. As a result of the tireless efforts of the Joint Ministerial Committee on production control which was represented by Prince Abdul Aziz Bin Salman the chairman Saudi Minister of Energy and Alexander Novak the President of Russian Deputy. Although it was worth noting that Kuwait plays an important role in the activities of the Committee through its continuous membership since the beginning of the Committee's work in 2017. The reports and data were considered at the Committee meeting and indicated the surplus in oil stocks was gradually declining. His Excellency called on the OPEC countries to increase efforts to reach higher levels of commitment through the implementation of production cuts, which have become inevitable, especially in the coming months, as some indicators showed an increase in the spread of coronavirus cases globally, which could negatively affected the movement and commercial activity worldwide, which could cast a shadow on the oil demand. His Excellency pointed out the importance of full commitment to the agreed reductions, in order to support efforts aimed at restoring balance to the world oil markets as soon as possible. Although it was worth noting that all the delegations are participating in the meeting which was praised by the late Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, His Highness Prince Abdul Aziz Bin Salman, and OPEC Secretary General. His Excellency Mohammed Barkindo gave special speeches in which they referred to their relationship and special positions that were held between them and their respective His Highness the late Amir. The Minister of Oil, Acting Electricity and Water Dr. Khaled Al-Fadel, delivered a special speech indicating the major political role played by His late Highness in supporting OPEC decisions and activities since the beginning.