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His Excellency the Minister of Oil participates in the meeting of the Ministerial Committee (26) to monitor production

03-02-2021

His Excellency the Minister of Oil and Minister of Electricity and Water Dr. Mohammed Abdullatif Alfares will participate in the meeting of the Joint Ministerial Committee for Production Control (JMMC), which will be held today, Wednesday, February 3, 2021, through video communication technology. Minister Alfares said, prior to his participation in the meeting, according to a press release issued by the Ministry of Oil, that the strategy of (OPEC +) and the unprecedented commitment to reduce production in addition to the voluntary reduction made by the sisterly Kingdom of Saudi Arabia during the current and next months of one million barrels per day greatly supported the oil market. And this despite the negative repercussions of the Corona pandemic on global consumption rates. He mentioned that global oil markets are going through a corrective phase as a result of the historic OPEC + decisions, which reflected positively on re-balancing the oil markets. Alfares stressed that the State of Kuwait supports all OPEC + decisions aimed at restoring balance to the oil market and adjusting the balance of supply and demand, as the State of Kuwait supports collective action through consensus between countries within OPEC as well as joint cooperation through the OPEC + framework. Kuwait’s delegation to the meeting, in addition to Minister Alfares, includes both the Governor of the State of Kuwait to (OPEC) Haitham Al-Ghais and the national representative of the State of Kuwait to (OPEC) Mohammed Al-Shatti.