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(OPEC +) oil ministers will meet in Vienna next Wednesday to determine production levels

01-10-2022

The 23 member countries of the (OPEC +) alliance, which includes members of the Organization of Petroleum Exporting Countries (OPEC) and producers from outside it, will meet in (Vienna) next Wednesday to determine production levels. The media department of the Organization of the Petroleum Exporting Countries (OPEC) stated in a brief statement today, Saturday, that this will be the first ministerial meetings to be held in the personal presence of the coalition oil ministers since March 2020. Economic analysts expect that the coalition countries will maintain their cautious approach in increasing oil production in a "gradual and modest" manner, despite the comprehensive repercussions of the current Russian military operation in Ukraine on world energy markets. The discussions of the alliance ministers will start at the (OPEC) headquarters in (Vienna) next Wednesday afternoon through a joint ministerial follow-up committee, before the in attendance general meeting after two years of video meetings due to the (Corona emerging - Covid 19) pandemic. Observers confirm that the current situation does not affect the (OPEC +) agreement, as the coalition countries prefer to continue monitoring oil market developments and intervene whenever the need arises, although Western sanctions have begun to affect crude oil shipments coming from Russia, which is the second largest exporter of crude in the world. It is expected that the Joint Ministerial Committee, consisting of 13 OPEC member countries led by the Kingdom of Saudi Arabia and ten non-OPEC member countries led by Russia, will prepare a working paper that includes forecasts of oil supply and demand during the second half of this year and the extent of member countries' commitment to the agreed production quota system. It and the future prospects of the global oil market, in preparation for submitting it to the ministerial meeting. The organization's statement indicated that details regarding the attendance of journalists and analysts will be provided in due course. This ministerial meeting is of great importance as it comes at a time when the world is facing a number of difficult emerging challenges, including the (Corona) pandemic, which has created a state of uncertainty throughout the global economy, in addition to other challenges imposed by geopolitical developments, which led to high inflation rates, especially in Europe, to More than 10 percent and fluctuations in many commodities, foremost of which is oil, in addition to the investment policies imposed by the current circumstances, especially with regard to investment in the transition to alternative energy. The (OPEC +) meeting comes two months after the State of Kuwait took over the presidency of the General Secretariat of the Organization (OPEC) through the organization's new Secretary-General, Kuwaiti oil expert Haitham Al-Ghais. Al-Ghais affirmed earlier that he is looking forward with firmness to continue the path of achievements and successes achieved by (OPEC) through serious and constructive work not only with the member states of the organization, but also with its partners from non-member states of the organization who coordinate their production and marketing work in accordance with the Declaration of Cooperation that binds them within the organization. The (OPEC +) alliance, which has so far proven its ability to manage global oil affairs in a distinguished manner.