News
& Events

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

30-06-2022

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 42 JMMC, as well as The 30 OPEC Plus , that took place on June 30, 2022 via video conferencing. The Kuwaiti OPEC team that participated With Minister Al-Faris, 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-Faris said in a press release issued by the Ministry of Oil that the OPEC Plus alliance succeeded in managing the oil markets through a larger production increase than planned during July and August 2022, where this decision contributed to calming markets and showing the strength of the alliance in a collective decision to ensure the security of supply. His Excellency Minister Al Faris stressed that OPEC has fully succeeded in meeting the needs of the oil market by pumping more oil in line with high levels of demand. He said the OPEC Plus agreement calls for an increase in the production of member states by 648,000 barrels per day in August. He praised OPEC Plus's role in market stability and supply security, and the alliance is a key element in the market balance that must be maintained for the market's benefit. Al-fares highlighted that Kuwait’s Quota production will rise up to 2.811, while stressing Kuwait's full commitment to the agreed production quotas. This will enable countries to continue regain large part of their production levels achieved pre Covid-19 at the beginning of 2020.