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Kuwaiti Oil Minister: (OPEC +) meetings are important in stabilizing oil markets

04-10-2022

Deputy Prime Minister, Minister of Oil, Minister of State for Cabinet Affairs and Acting Minister of State for National Assembly Affairs Dr. Mohammed Al-Fares stressed today, Tuesday, the importance of the meetings of the (OPEC +) alliance in achieving stability in oil markets by balancing the supply and demand mechanism and providing the required quantities that the market needs. This came in a statement by Minister Al Fares to Kuwait News Agency (KUNA) upon his arrival in the Austrian capital Vienna to participate in the 33rd ministerial meeting of the (OPEC +) alliance, which includes members of the Organization of Petroleum Exporting Countries (OPEC) and other oil countries tomorrow, Wednesday. Minister Al-Fares said that this meeting is "a continuation of the monthly meetings held by the coalition to review production policies and will focus on following up on the situation of the global oil market and what is related to the agreements that were approved in previous meetings and their extension." Regarding Kuwait’s position on the prevailing trends towards a significant reduction in production that may reach one million barrels per day, Al-Fares said that “this issue will be discussed during the ministerial meeting, and the ministers will take the appropriate decision on it based on the reports that the relevant technical committees will submit to the (OPEC +) ministerial meeting on Tomorrow is Wednesday." In this context, he stressed the State of Kuwait's constant keenness to ensure the stability of the global oil market and to prevent price fluctuations. Regarding his assessment of the current price levels, Al-Fares said that "the (OPEC +) alliance does not follow the issue of price, but focuses mainly on providing the required quantities for the market's need." This extraordinary meeting of (OPEC +) is being held in attendance, after the in-person meetings were suspended in March 2020 in difficult circumstances imposed by the consequences of the war in Ukraine, especially the energy crisis in Europe, which negatively affected the global oil markets. Minister Al-Fares was received by Kuwait's ambassador to Austria and its permanent representative to the United Nations in Vienna Talal Al-Fassam and the staff of the Kuwaiti embassy, ​​in addition to the Secretary-General of the Organization of Petroleum Exporting Countries (OPEC) Haitham Al-Ghais and senior officials in the organization. Upon his arrival at Vienna International Airport, the Kuwaiti Oil Minister met with Saudi Energy Minister Prince Abdulaziz Bin Salman and UAE Energy Minister Suhail Al Mazrouei.