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His Excellency the Minister of Oil heads the Kuwaiti delegation participating in (OPEC +) meetings

31-03-2021

His Excellency the Minister of Oil and Minister of Higher Education Dr. Mohammed AlFares heads the Kuwaiti delegation participating in the twenty-eighth meeting of the Joint Ministerial Committee for Production Control (JMMC), scheduled for Wednesday, March 31, 2021, as well as the fifteenth ministerial meeting of the Organization of Petroleum Exporting Countries and producing countries outside OPEC (OPEC +), to be held on Thursday, April 1, 2021, through video communication technology. Mr. Haitham Al-Ghais, the governor of the State of Kuwait to OPEC, will participate with Minister Alfares, and the national representative of the State of Kuwait to OPEC, Mr. Mohammed Al-Shatti. Minister Alfares said prior to his participation in the meeting, according to a press release issued by the Ministry of Oil, that Kuwait supports all efforts taken by OPEC and independent producers from outside it, through its full commitment to reducing production levels as required and agreed upon, which greatly contributed to the improvement of the supply balance. And demand during the last period, stressing that the State of Kuwait is keen on the success of all the organization’s efforts aimed at achieving market balance and returning oil stock levels to normal levels. AlFares pointed out that the decisions of the (OPEC +) group are characterized by a vigilant approach to keep pace with the changing events of the market needs, which are decided by the organization monthly during the periodic meeting, praising the cooperation between all the countries of the organization and partners from outside within the framework of their continuous efforts in working and joint cooperation to support the stability of the oil market and promote economic recovery Global energy by maintaining steady global energy flows. AlFares praised the consensual decision that was taken during the previous meeting to extend the current production cuts for an additional month during April 2021, and also praised the sisterly Kingdom of Saudi Arabia's initiative to continue to reduce its production voluntarily during the month of April, which will support stability in the oil markets, and the efforts and consultations. Which was led by the Kingdom of Saudi Arabia intensively with Russia and with the rest of the countries participating in the (OPEC +) agreement. Minister Alfares expressed cautious optimism regarding the signs of improvement in the oil market indicators, especially with the spread of the distribution of Corona virus vaccines, the gradual recovery in industry activity, and the return to normal life.