Kuwaiti Oil Barrel Price75.11 Date:22-11-2024

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(OPEC +) ministers discuss in Vienna limiting the decline in global oil prices

05-10-2022

The oil ministers of the (OPEC +) alliance will start their 33rd ministerial meeting today, Wednesday, to discuss developments in prices and production, amid expectations to reduce production by 500,000 to 1 million barrels per day to limit the decline in crude oil prices in global markets. The meeting of the (OPEC +) alliance, which includes members of the Organization of Petroleum Exporting Countries (OPEC) and other oil countries, comes after the decline in demand for crude oil in light of the slowdown in the global economy, as prices have fallen by 25 percent since last June to reach about $85 a barrel, while major producers are looking forward Its price stabilized at about $90 a barrel. The ministerial meeting is being held in attendance for the first time since March 2020 in light of economic stagnation and an unprecedented rise in inflation rates, especially in Europe due to the repercussions of the Russian-Ukrainian war and Western sanctions on the Russian energy sector. The oil ministers of the (OPEC +) alliance are discussing the basic market factors in terms of supply and demand equation and the need to significantly reduce production rates to find a balance regarding this equation that guarantees the interests of all. Some of the active countries in the oil alliance are seeking to take an appropriate position by maintaining an acceptable level of prices, especially with the demands of Western countries, led by the United States, to increase production. However, there is a tendency within the oil alliance to reduce daily production by more than 500,000 barrels instead of 100,000 barrels. Who set last month. It is expected that Russia will ask the (OPEC +) alliance to reduce production by one million barrels, or approximately 1 percent of global supplies, especially since the global oil market suffers from an excess of supply in return for a decline in demand due to the faltering global economic performance. This expected reduction will reflect the extent of anxiety and decline in the global economy as a result of the rise in the price of the dollar and the pressure of strict monetary policies adopted by major central banks in order to rein in inflation, which reached unprecedented record levels of more than 10 percent for the month of September. The new reduction quantities will remain subject to increase or decrease according to the stability and balance of markets on the one hand and the developments of the Russian-Ukrainian war on the other hand. The Kuwaiti delegation to the one-day meeting is headed by 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.

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