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The Minister of Oil participates in the meetings of the Joint Ministerial Committee to monitor production

03-04-2023

His Excellency the Deputy Prime Minister and Minister of Oil, Dr. Bader Al-Mulla, headed the Kuwaiti delegation participating in the forty-eight meeting of the Joint Ministerial Production Monitoring Committee (JMMC), which was held via Videoconference on Monday, April 3, 2023. The delegation included the Governor of the State of Kuwait to OPEC Mr. Muhammad Al-Shatti; and the National Representative of the State of Kuwait to OPEC Sheikh Abdullah Sabah Salem Al-Hamoud Al-Sabah. Al-Mulla said, in a press statement issued by the Ministry of Oil that the OPEC+ is focusing on supporting the stability of oil markets, noting that the alliance continues its policy of reducing production by two million barrels per day until the end of 2023, as decided at the 33rd OPEC and non-OPEC Ministerial Meeting (ONOMM) on 5th of October 2022. Dr. Al-Mulla praised the initiative of the countries participating in the voluntary reduction under the OPEC+ agreement, which will be implemented from next May to the end of 2023. It comes within the framework of the proactive move by OPEC+ amid the recent developments in global economic conditions and their effects on oil markets, such as the rapid pace of rising global interest rates , Global debt, global banking crisis, and geopolitical development.