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Kuwaiti Oil Minister: The (OPEC +) decision to cut production will have positive repercussions on the oil markets

06-10-2022

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 affirmed today, Wednesday, that the decision of the (OPEC +) oil ministers to reduce production by two million barrels per day will have positive repercussions on the oil markets that serve the public interest. . In a statement to Kuwait News Agency (KUNA) at the conclusion of the (OPEC +) meeting in Vienna, Al-Fares said that the ministers of the alliance have accomplished important and detailed work for the world in terms of providing energy and oil fuel. The Kuwaiti minister added that "this decision puts us today in front of a great responsibility in following up on market developments in terms of reducing production in case of an increase in supply or increasing production quantities when there is a need for more oil supplies." He pointed out that "the oil ministers of the 23 countries under the umbrella of (OPEC +) will continue to consult among themselves and follow market developments and will take appropriate measures according to the need and in a manner that serves the interests of the global oil market and its balances." In response to a question about the position of the main consuming countries, led by Western countries, regarding the decision to reduce production, Minister Al-Fares explained, "We understand the consumers' fears about the possibility of higher prices, but what moves us in (OPEC +) is basically the issue of achieving a balance between supply and demand ... and from there we work To maintain this balance and to prevent fluctuations and market collapse. Minister Al-Fares stressed that the (OPEC +) alliance serves the global economy, not threatens it. At the conclusion of his statement, the Kuwaiti minister concluded by saying that what distinguishes the decisions of the Organization of Petroleum Exporting Countries (OPEC) and (OPEC +) is the purely technical character that always reflects the reality of the market and its balances, stressing that (OPEC) has not taken, over its long history, any decisions for the purpose of imposing hegemony Rather, it is always keen to provide sufficient supplies to the market at reasonable prices that do not harm the interests of producers or consumers.