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His Excellency the Minister of Oil and Minister of Higher Education Dr. Muhammad Al-Faris participates in the "OPEC +" meetings

01-06-2021

His Excellency the Minister of Oil and Minister of Higher Education Dr. Mohammed Alfares heads the Kuwaiti delegation participating in the 30th meeting of the Joint Ministerial Committee for Production Control (JMMC) in the alliance of the Organization of Petroleum Exporting Countries and non-OPEC producing countries (OPEC +), as well as the seventeenth ministerial meeting of the Organization of Exporting Countries. For oil and non-OPEC producing countries (OPEC +), to be held today, Tuesday, June 1, 2021, through video communication technology. Mr. Haitham Al-Ghais, the governor of the State of Kuwait to OPEC, will participate with Minister Al-Faris, and the national representative of Kuwait to OPEC, Mr. Mohammed Al-Shatti. Minister Alfares said, prior to his participation in the two meetings, according to a press release issued by the Ministry of Oil, that the positive and effective contributions of the countries participating in the production cut agreement greatly contributed to supporting the rebalancing of the global oil market, in line with the prevailing global conditions resulting from the repercussions of the Corona pandemic. Alfares stated that the production adjustments from the producing countries, which started from May 2021, indicate the consensus between the countries participating in the (OPEC +) alliance, and the additional commitment from the Kingdom of Saudi Arabia during the months of February, March and April was very beneficial in achieving market stability thanks to the Kingdom's wisdom and leadership. For this historic cut. He stressed that the oil markets will be able to absorb the gradual increases in production from the countries of the (OPEC +) coalition as the vaccination programs against the Corona virus are accelerating globally and there are indications of the return to normalcy in many countries of the world, expecting that the demand for oil will increase by the second half of the year. 2021 as market fundamentals improve. Al-Faris affirmed Kuwait's full commitment to all OPEC decisions to restore balance to the oil market, adjust the balance of supply and demand, and prevent price fluctuations. Collective OPEC + oil production is set to increase by 350,000 barrels per day in May and June 2021, then 440,000 barrels per day in July. In addition, Saudi Arabia will gradually reduce its additional unilateral cuts by one million barrels per day over the course of The next few months, starting with monthly production increases of 250,000 barrels per day in May, 350,000 barrels per day in June, and 400,000 barrels per day in July 2021.