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

05-05-2022

His excellency the Deputy Prime Minister, Minister of Oil and Minister of State for Council Affairs, Dr. Muhammad Abdul Latif Al-Fares, headed the State of Kuwait participants in the meeting of The 40 JMMC, as well as the Twenty- eighth OPEC Plus , that took place on May 5, 2022 via video conferencing. The Kuwaiti OPEC team that participated With Minister Al-Faris, Newly appointed SG for the OPEC Mr. Haitham Al-Ghais, Governor of the State of Kuwait to OPEC, Mr. Muhammad Khadur Al-Shatti and the National Representative of the State of Kuwait to the Organization of the Petroleum Exporting Countries, Sheikh Abdullah Sabah Salem Hamoud Al-Sabah. Minister Al-fares have stated , according to a statement issued by the Ministry of Oil, OPEC Plus is closely monitoring the developments of the oil markets in light of the global geopolitical changes and its repercussions on the oil markets. In addition, His Excellency stressed that the alliance continues to increase production on monthly basis as a means to maintain market stability The Minister highlighted that OPEC Plus is closely monitoring Covid-19 and its variants infections in China, besides closures by some Chinese authorities to prevent an outbreak of the epidemic and the possibility of supply disruptions. In addition noting the implications of U.S. interest rate increases on global economic growth, and citing the slowdown in global growth due to rising commodity prices and the effects on growing oil demand. Furthermore, Minister Al-Fares praised the outcome of the OPEC Plus ministerial meeting, and that the agreement to declare cooperation enhances the security of supplies in the markets through the strategy to increase supplies in the oil markets by 432 thousand barrels per day for June, which guarantees the stability of the market, and aims to balance supply and demand.