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Ministry of Oil: The State of Kuwait leads consensus and success in the (OPEC +) meeting

03-12-2020

The Kuwaiti Ministry of Oil said that the (OPEC +) meeting ended this evening, Thursday, with success and agreement between the 23 countries of the OPEC group (the Organization of Petroleum Exporting Countries) and countries outside the organization called (OPEC +) after negotiations that lasted for weeks. The ministry added in a statement to Kuwait News Agency (KUNA) that the State of Kuwait, under the leadership of the Minister of Oil and Acting Minister of Electricity and Water Dr. Khaled Al-Fadhel, played a prominent diplomatic role in creating full compatibility between OPEC countries and countries outside the organization. He explained that this was done by submitting a Kuwaiti consensus proposal in cooperation with the People's Democratic Republic of Algeria (the presidency state) and the Republic of Azerbaijan (a non-OPEC member) that had the support of all participating countries without conditions or modifications. He indicated that the proposal that was agreed upon stipulates a gradual increase in production by no more than half a million barrels per day, starting from January 2021, provided that the ministerial meeting of the (OPEC +) group is held monthly to review market conditions and take appropriate recommendations regarding production levels for the following months. It stated that the proposal also included extending the compensation period for non-compliance with production quotas to the first quarter of 2021.