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His Excellency the Minister of Oil, Dr. Mohammed Abdul Latif Alfaris participates in the OPEC + meetings

04-01-2021

His Excellency the Minister of Oil and Minister of Electricity and Water Dr. Mohammad Abdul Latif Alfares heads the Kuwaiti delegation participating in the twenty-fifth meeting of the Joint Ministerial Committee for Production Control (JMMC), as well as the thirteenth ministerial meeting of the Organization of Petroleum Exporting Countries and non-OPEC producing countries (OPEC +), which are scheduled to be held today, Monday. Corresponding to January 4, 2021, through visual communication technology. And Minister Alfares, the Governor of the State of Kuwait at OPEC, Mr. Haitham Al-Ghais, and the national representative of the State of Kuwait at OPEC, Mr. Mohammad Al-Shatti, will participate. Minister Alfares said, prior to his participation in the meeting, according to a press statement issued by the Ministry of Oil, that the State of Kuwait supports the decisions that would preserve the stability of oil markets, especially in light of the negative repercussions due to the Corona pandemic, indicating that OPEC + has proven its pioneering role in preserving Stability of oil markets in order to ensure the common interest of consuming and oil-producing countries and encourage continued confidence among investors in the oil industry. Minister Alfares mentioned with the necessity of being careful of the repercussions of the second wave of the pandemic on the general situation, but with the start of the distribution of the Corona vaccine in many countries of the world, it is expected that the demand for oil will gradually recover, especially during the second half of 2021, which opens the way that the damage The pandemic inflicted on the global economy can be overcome after the Corona wave recedes and the demand for oil and petroleum products grows.