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At the conclusion of their meeting, members of the (OPEC +) alliance agreed to adhere to the plan to gradually increase oil production

02-09-2021

The (OPEC +) alliance announced at the conclusion of its meeting today, Wednesday, the continuation of commitment to the current plan to gradually increase oil production. The General Secretariat of the Organization of Petroleum Exporting Countries (OPEC) said in a statement, "The oil ministers of the coalition countries agreed, at the conclusion of their 20th ministerial meeting, to continue increasing supplies by about 400,000 barrels per day during the month of October." The statement said that the ministers expressed their conviction that "market fundamentals have been strengthened and OECD stocks have continued to decline with the acceleration of the global economic recovery." The statement welcomed the commitment of the countries of the (OPEC +) alliance to the agreements and understandings concluded regarding oil production operations. The statement said that the ministers of the (OPEC +) alliance decided to hold its next ministerial meeting on the fourth of next October. The State of Kuwait was represented in this meeting by the Minister of Oil and Minister of Higher Education, Dr. Mohammed Al-Fares, accompanied by a delegation consisting of the Governor of Kuwait to (OPEC) Mohammed Al-Shatti and the National Representative of the State of Kuwait to (OPEC) Sheikh Abdullah Al-Sabah.