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His Excellency the Minister of Oil participates in the (OPEC +) meetings

30-06-2021

His Excellency is heading the delegation of the State of Kuwait participating in the 31st meeting of the Joint Ministerial Committee for Production Control (JMMC), the 181 ministerial meeting of the Organization of Petroleum Exporting Countries, and the 18th meeting of (OPEC +), which are scheduled to be held on Wednesday and Thursday, corresponding to June 30, 2021 AD, and July 1, 2021 AD via video communication technology, and with His Excellency the Governor of the State of Kuwait at (OPEC), Mr. Mohammad Al-Shatti, and the representative The National Committee of the State of Kuwait with (OPEC) Sheikh Abdullah Al-Sabah. Prior to his participation in the two meetings, Minister Al-Fares said, according to a press release issued by the Ministry of Oil, that the (OPEC +) meeting will focus on continuing OPEC’s current efforts to achieve market balance, indicating that any decision taken by the organization and its allies from abroad will be in the interest of producers and consumers, amid An atmosphere of recovery in the fundamentals of the market. Al-Fares stated that the expansion of countries in vaccination against the Corona virus contributed to enhancing the expectations of economic growth in major and emerging economies, in conjunction with a gradual return to movement, movement and travel in many countries of the world, which enhances and increases global demand for oil, indicating that this matter was reflected in Oil markets, which are witnessing more out of balance. - Al-Fares added that the (OPEC +) organization is cautious with regard to the strategy of raising production amid the challenges of the oil markets. - Minister Al-Fares stressed that the State of Kuwait supports the collective decision through consensus among countries within (OPEC +), and work in the spirit of one team to meet the challenges facing the oil markets, stressing Kuwait's full commitment to play its entrusted role within the organization by dedicating its efforts towards stability. Oil markets, and the recovery of the economy Global .