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His Excellency Minister Al-Fares participates in the (OPEC +) meetings

18-07-2021

His Excellency the Minister of Oil and Minister of Higher Education Dr.. Mohammed Al-Fares participates in the OPEC Plus meetings His Excellency the Minister of Oil and Minister of Higher Education Dr. Mohammed Al-Fares headed the delegation of the State of Kuwait participating in the nineteenth ministerial meeting of the Organization of Petroleum Exporting Countries and Non-OPEC Producing Countries (OPEC Plus) through video communication technology. He participated with Minister Al-Fares, Governor of the State of Kuwait to OPEC, Mr. Mohammed Al-Shatti, and the National Representative of the State of Kuwait to OPEC, Sheikh Abdullah Al-Sabah. Minister Al-Fares commended the efforts of His Highness the Minister of Energy of the sisterly Kingdom of Saudi Arabia, His Highness Prince Abdulaziz bin Salman, in particular, and the efforts of the Deputy Prime Minister and Minister of Energy of the Russian Federation, Mr. Alexander Novak, through their continuous and intensive consultations with the aim of bringing together the OPEC Plus countries and emphasizing the continuation of harmony and harmony within The OPEC Plus system, which culminated in reaching an agreement by consensus aimed at stabilizing markets in the world and supporting efforts to recover the economy in the world Minister Al-Fares also stressed OPEC Plus' continuous endeavor to secure oil supplies in the markets, and the success of its efforts in achieving market balance, and reaching an agreement to increase monthly by 400,000 barrels per day starting from August 2021, and agreeing to extend the current agreement, which ends in April to December 2022, and that this decision takes into account some developments in the markets, including the demands to introduce amendments to the reference basis for some OPEC Plus member countries to calculate any levels of reductions in production levels in the future, according to the reasons for the stability of the markets within the extension agreement, which begins in May 2022, He stressed that this agreement will have positive effects in stabilizing the markets during 2021 and 2022 He expressed his happiness at confirming the atmosphere of interdependence within the Gulf cohesion through communication between the two sisters at all levels between the Kingdom of Saudi Arabia and the United Arab Emirates, which is something that the State of Kuwait always supports and seeks to continue among the brothers for the benefit of the region. His Excellency the Minister praised the achievement of the State of Kuwait by raising the reference basis for calculating the future production levels for the State of Kuwait by 150 thousand barrels per day, as part of the extension agreement, which begins in May 2022, which resulted in the concerted efforts of several sincere efforts within the State of Kuwait. His Excellency the Minister of Oil affirmed the State of Kuwait’s solidarity with the efforts of OPEC Plus, which succeeded in reaching a collective agreement, and that it supports the collective decision through the consensus that took place among the countries within OPEC Plus, which reinforces the atmosphere of optimism that prevailed in the meeting, and the role of OPEC Plus in working in a team spirit. Al-Wahid to face the challenges facing the oil markets, stressing Kuwait's full commitment to play its entrusted role within the organization by devoting its efforts towards the stability of oil markets and the recovery of the global economy. Al-Fares stated that the positive factors represented by a noticeable improvement in market fundamentals also support the atmosphere of optimism and that the expansion of the world’s countries in vaccination against the Corona virus has contributed to enhancing economic growth expectations in conjunction with a gradual return to mobility and travel in many countries of the world, which raises the rate of growth in global demand for Oil, indicating that this is reflected in the oil markets, which are witnessing more balance. Al-Fares stated that OPEC Plus is cautious regarding the strategy to raise production amid the challenges of the oil markets, which will be reviewed periodically in the framework of achieving stability for the markets, knowing that the next meeting will be held at the beginning of September 2021