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The Minister of Oil praises the (OPEC +) strategy to increase production

01-11-2021

The Minister of Oil praises the "OPEC +" strategy of increasing production by 400,000 barrels per day and its success in achieving market balance and stability Minister of Oil and Minister of Higher Education Dr. Mohammed Al-Fares praised today the (OPEC +) strategy to increase production by 400,000 barrels per day, according to the monthly increase plan that was collectively agreed upon in the ministerial meeting No. 19 of (OPEC +) last July. Minister Al-Fares said in a statement issued by the Ministry of Oil prior to his participation in the 43rd ministerial meeting of the Ministerial Production Monitoring Committee (JMMC) and the 22nd meeting of (OPEC +) ONOMM, which will be held next Thursday via video communication technology, “Continuing to work with this strategy ensures sufficient supply and has proven Its feasibility in achieving balance and stabilizing markets.” He added that there are challenges in the markets, especially in 2022, that justify continuing to raise the gradual production in accordance with the agreement, which is sufficient to secure the needs of the market.