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Kuwaiti Oil Minister: The (OPEC) symposium is an important international platform for discussing energy challenges

07-07-2023

Kuwaiti Deputy Prime Minister, Minister of Oil and Minister of State for Economic Affairs and Investment Dr. Saad Al-Barrak praised the International Symposium on Energy, which concluded Thursday evening in Vienna, describing it as an important international platform for discussing energy challenges. Minister Al-Barrak said in a statement to Kuwait News Agency (KUNA) that the symposium provided an opportunity for exchanging views and discussions between ministers and those responsible for oil and energy markets in the world. Al-Barrak indicated that he held constructive talks with energy ministers, including Saudi Energy Minister Prince Abdulaziz bin Salman, praising his cooperation and great support in all issues raised, as well as the Kingdom's pioneering role in the Organization of Petroleum Exporting Countries (OPEC) and in the stability and growth of energy markets in the world. He stressed the importance of the series of energy seminars organized by (OPEC), calling for the continuation of such platforms specialized in energy affairs and expanding them to include larger areas. Regarding the informal meeting that brought together (OPEC) oil ministers yesterday, Wednesday, on the sidelines of the symposium, Al-Barrak said that it was a friendly meeting and an occasion to exchange views on a number of issues related to the oil market. As for Iraqi Oil Minister Hayan Abdul-Ghani, he appreciated, in a similar statement to KUNA, at the conclusion of the international symposium, the efforts of OPEC in achieving stability in the global oil market, stressing that OPEC is still an active organization in the global market and in the energy market as well. He stressed that (OPEC) will remain committed to achieving its main goals that it was based on more than six decades ago, represented in providing energy sources for the benefit of producers, consumers and investors, stressing the need to attach great importance to strengthening investments in the global oil industries to keep pace with the growing demand for energy in the future. For his part, Congolese Minister of Hydrocarbons, Bruno Jean-Richard Itwa, stressed the importance of ensuring stability in the global oil market. Minister Itwa said in a similar statement to (KUNA) that raising or lowering prices in an unacceptable manner is unacceptable and affects the movement of investment and the economy in general. The Congolese minister indicated that (OPEC) and (OPEC Plus) are working jointly and continuously to maintain the stability of the oil market by applying a production policy that positively affects prices and ensures their stability. The eighth OPEC International Symposium focused on key energy-related issues such as energy security, technological innovation, environmental issues, sustainable development and energy policies, as well as broader trends in the global economy.