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The Kuwaiti Oil Minister praises the results of the ministerial meetings of (OPEC) and (OPEC Plus)

05-06-2023

Minister of Finance, Minister of State for Economic Affairs and Investment, Minister of Oil, Minister of State for National Assembly Affairs, Acting Chairman of the Board of Directors of Kuwait Petroleum Corporation, Manaf Al-Hajri, praised the results of the ministerial meetings of the Organization of Petroleum Producing Countries (OPEC) and the (OPEC Plus) alliance that were held yesterday and today in Vienna, stressing that they are "in the interest of market balance and stability. This came in a statement issued by the Ministry of Oil after Minister Al-Hajri headed the delegation of the State of Kuwait participating in the 186th Ministerial Conference of (OPEC) yesterday and the 35th Ministerial Conference of (OPEC Plus) today. According to the statement, Minister Al-Hajri affirmed, "Kuwait's support for (OPEC Plus) efforts aimed at enhancing the stability and balance of markets, expressing his thanks for the initiative of the Kingdom of Saudi Arabia, which was represented by a voluntary reduction in production of one million barrels per day for the month of July, subject to renewal." He noted "the positive atmosphere that prevailed in the meetings, which expressed the spirit of one team among the members of the Declaration of Cooperation, which confirms the cohesion of (OPEC Plus) and contributed to reaching agreements and drew plans for balancing markets during the remainder of 2023 and 2024 and presented a professional methodology for the year 2025 that would help market stability and equilibrium. He stressed that "it was agreed to reach mechanisms to review the numbers of production capacities of all member states, to serve as a basis for calculating production levels for agreements and decisions during the year 2025, and they guarantee transparency, stability and sustainability of the markets." And he stressed that "the State of Kuwait is committed to the decisions to reduce production in addition to the voluntary reduction of 128 thousand barrels per day, so that Kuwaiti production becomes 2.548 million barrels per day as of last May, and the agreement was extended to the end of the year 2024 as a precautionary measure in coordination with the countries participating in the (OPEC) agreement." Plus), which previously announced in April 2023 voluntary cuts, including Kuwait, Saudi Arabia, the UAE, Iraq and Oman. He stated, "This voluntary cut will be from the required production level, as agreed upon at the 35th Ministerial Conference of (OPEC Plus) held earlier today in Vienna.