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His Excellency Deputy Prime Minister and Minister of Oil heads the delegation of the State of Kuwait participating in the (OPEC +) meetings

05-09-2022

His excellency the Deputy Prime Minister, Minister of Oil and Minister of State for Council Affairs, Dr. Mohammad Abdul Latif Alfares, headed the State of Kuwait participants in the meeting of The 44 JMMC, as well as The 32 OPEC Plus , that took place on September 5, 2022 via video conferencing. The Kuwaiti OPEC team that participated With Minister Alfares, 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. According to a press release issued by the Ministry of Oil, Minister Alfares said that the OPEC Plus alliance, in its monthly regular meetings, explores the best ways to maintain the stability of the balance of the oil market according to a comprehensive vision of all countries in line with an accurate understanding of the needs of oil markets and the volume of supplies. Alfares pointed out that the decisions of OPEC Plus consensus among members are always in the interest of the markets and ensure the security of supplies in the market Alfares stressed that the State of Kuwait supports all efforts aimed at protecting the stability of the market from recent fluctuations, that threaten to undermine the basic functions of the market, as the disconnect of the spot market from the futures markets does not allow the effective use of financial mechanisms and undermine the ability to hedge efficiently and well manage risks. The Minister concluded his remarks by stressing that OPEC Plus has won the confidence of producers, consumers and all parties concerned through closely monitoring the stability and balance of the global oil market. Alfares stressed that OPEC Plus has the flexibility within the declaration of cooperation to deal with various challenges and has proven this during the years 2020 and 2021 in restoring balance in the market and its recovery. Alfares praised the decision of OPEC Plus to return production quotas for the month of October to their previous levels announced during the month of August, because the increase of 100,000 barrels per day was only for September 2022, and the quota scheduled for the State of Kuwait will be 2.811 million barrels per day.