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His Excellency the Minister of Oil participates in the OPEC meetings

29-11-2020

His Excellency the Minister of Oil and the Acting Minister of Electricity and Water Dr. Khaled Ali Al-Fadhel participates in the OPEC meetings A prominent pivotal role for the State of Kuwait in the Organization of "OPEC" to achieve balance and stability in the oil markets His Excellency the Minister of Oil and the Acting Minister of Electricity and Water Dr. Khaled Ali Al-Fadhel and the Governor of the State of Kuwait to OPEC Mr. Haitham Faisal Al-Ghais will participate in the Ministerial Meeting No. (180) of the Organization of Petroleum Exporting Countries (OPEC) scheduled to be held on Monday, November 30, 2020, and the Ministerial Meeting No. (12) ) For (OPEC +) countries, scheduled to be held on Tuesday, December 1, 2020, through video communication technology. Prior to his participation in the two meetings, Al-Fadhel said that the State of Kuwait continues its cooperation and full commitment to reduce production levels according to the quota set by the Organization of "OPEC", with the aim of creating a balance in the global oil markets, noting that Kuwait's decisive role in many of the situations that markets have gone through Oil contributed to balance and stability. Al-Fadhel appreciated the efforts of OPEC and producing countries from outside it to restore balance to the oil market, which would benefit the exporting and consuming countries alike, and the global oil industry. Al-Fadhel mentioned that the State of Kuwait has played in recent years and continues to play an effective and important role in the negotiations and discussions that led to the adoption of many historic OPEC decisions, referring to his support for OPEC to help face the challenges that were and still face the member states, especially After the spread of the new Corona virus pandemic and its reflection on economic closures and strict restrictions on movement, which weakened the demand for oil this year, and therefore OPEC +’s move came quickly and decisively through the historic agreement reached in April 2020 and was a fateful decision that contributed to Saving the oil market by reducing production levels by 9.7 million barrels per day as of May 2020. Al-Fadhel stressed that OPEC’s decisions have contributed to putting oil markets on the road to rebalancing. These efforts have also brought stability and confidence to the oil market, increasing the oil sector’s contribution to the global economy and supporting economic recovery. On the OPEC meeting, Al-Fadhel said that the global oil market is looking forward to the influential role of member states in cooperating to stabilize the oil market, especially in the next phase. It should be noted that "OPEC" appreciated and praised the important role that Kuwait plays in pushing forward means of the desired cooperation between all member states in the organization in a way that achieves balance and stability for the global oil market.