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Oil Minister: The prudent and balanced (OPEC +) management succeeded in supporting the global oil industry during (Corona)

01-09-2021

The Minister of Oil and Minister of Higher Education, Dr. Mohammed Al-Fares said today, Wednesday, that the prudent and balanced (OPEC +) management of oil markets has succeeded in supporting the global oil industry during the Corona pandemic crisis. This came in a statement by Minister Al-Fares quoted by a press release issued by the Ministry of Oil after his participation in the 32nd meeting of the Joint Ministerial Committee for Production Monitoring JMMC and the 20th ministerial meeting of the Organization of Petroleum Exporting Countries and non-OPEC producing countries (OPEC +), which was held via visual communication technology. Al-Fares stressed the organization's constant endeavor to secure oil supplies in the markets and the success of its efforts in achieving balance and restoring stability to the global economy. He praised the (OPEC +) decision, which was taken unanimously and stipulated the consensus to continue the work of the OPEC Plus agreement and to increase the oil markets by 400,000 barrels per day during October 2021, pointing out that the share of Kuwait from this increase is 27 thousand barrels per day during the month of October 2021. He stressed the efforts of the State of Kuwait within (OPEC +) to maintain consensus and coordination among member states and to contribute to reaching historic decisions to support oil markets in a manner that takes into account the interests of producers and consumers. He stressed that the periodic meetings during which the performance of the markets is monitored is the mechanism and the guarantee for the success of cooperation efforts to achieve balance and stability of the markets, which is in the interest of the global economy and the return of the wheel of the economy, industry, travel and transportation to pre-pandemic conditions (Corona) to enhance the high global demand for oil. The delegation of the State of Kuwait to the two meetings, in addition to Minister Fares, included the Governor of Kuwait to (OPEC) Muhammad Al-Shatti, and the National Representative of the State of Kuwait to (OPEC) Sheikh Abdullah Al-Sabah.