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Minister of Oil: 102% OPEC Plus Commitment to production cut last September.

20-10-2020

Dr.Khaled Al-Fadel Minister of Oil, Electricity and Water said on Monday that the percentage of OPEC Countries Commitment to reduce oil production has reached to 102 percent in September the highest since the production reduction agreement which was effected last May, which contributed to a gradual drop in inventories. Al-Fadel said in a statement was issued by the Ministry of Oil after he took over the country’s delegation to the 23 meeting of the Joint Ministerial Committee to monitor production, which was held by social distance in an unprecedent way due to the tireless effort of the Joint Ministerial Commitment which was headed by Saudi Energy Minister Prince Abdul Aziz Bin Salman Al Saud and Alexander Novak Vice President of Russia. Al-Fadel also stressed that Kuwait plays an important role in the committee activities through its continuous membership since its inception in 2017, by pointing out that the reports and data were considered during the committee meeting which showed that the surplus in the oil reserves is gradually decreasing. Al-Fadel called an OPEC member states to increase efforts to reach higher levels of commitment to implementing the production, which became inevitable in the upcoming months increasing frequency of Covid-19 globally which may negatively commercial activity on the global oil demand as soon as possible. According to the statement, all the participated delegations in the meeting praised of the late Amir Sheikh Sabah Al-Ahmed Al-Jaber. Al-Sabah’s repulsion as Prince Abdul Aziz Bin Salman Al-Saud and Muhammad Barkindo the General of the Organization of Petroleum Exporting Countries (OPEC) has delivered speeches which referred to their relationship and the special positions they have shared with the late Amir. However, the Minister gave a speech which was reviewed by the role of the loss homeland of supporting OPEC’s decisions since its establishment on 14 of September 1960. The OPEC Plus group includes OPEC member states in addition to 10 independent producers including Russia