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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.

02-06-2022

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 41 JMMC, as well as the Twenty- ninth OPEC Plus , that took place on June 2, 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. Furthermore, the price fluctuations reflects not only the changes in the market fundamentals, but also the current geopolitical developments as well as under investment in the upstream sector and the refining sector. Al-fares praised the OPEC Plus decision to increase production for the month of July and august by 648,000 barrels per day. This decision will secure adequate supplies in the market in line with the OPEC Plus overall strategy of maintaining market stability. The Minister highlighted that OPEC Plus will vigilantly continue to close monitor the implications of U.S. interest rate increases on global economic growth, citing the slowdown in global economic growth due to rising commodity prices and its impact on growing oil demand. Al-fares highlighted that Kuwait production will be 2.768 million barrels per day in July. This will enable countries to regain large part of their production levels achieved pre Covid-19 at the beginning of 2020.