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Oil Minister: 27 thousand barrels per day Kuwait's share of the (OPEC +) agreement

05-01-2022

Deputy Prime Minister and Minister of Oil and Minister of Electricity, Water and Renewable Energy Dr. Muhammad Al-Faris said that the share of the State of Kuwait from the agreement of the member states of the (OPEC +) alliance, according to which 400,000 barrels per day will be pumped next February, amounts to 27,000 barrels per day, bringing the state’s total production Daily 2,612 million barrels. This came in a statement issued by the Ministry of Oil after Minister Al-Faris headed the country’s delegation participating in the 36 meetings of the Joint Ministerial Committee for Production Monitoring and the 24 ministerial meetings of the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC producing countries (OPEC +) through visual communication technology. Al-Fares praised the commitment of the member states participating in (OPEC +) to the cooperation agreement, which in turn enhances the maintenance of market stability and ensures the security of supplies. He noted the results of the (OPEC +) meeting, which decided to increase production by 400,000 barrels per day for the month of February, according to the agreement of the monthly increase plan, which was collectively agreed upon at the 19th ministerial meeting of (OPEC Plus) last July. He stated that, "Despite the fears that revolve around the new mutants of the emerging Corona Virus pandemic (Covid 19), the isolation and quarantine measures, and the effects of high inflation rates, the atmosphere of optimism stems from the continued recovery of the global economy and the expansion of the distribution of vaccination doses against the virus." He stated that there was also an atmosphere of optimism "the effect of encouraging an increase in industrial movement and activity and a recovery in the rate of growth in demand, which was reflected in the continuation of withdrawals from oil stocks in the world and from the Organization for Economic Cooperation and Development, as well as from the floating stock", adding that this "reflected on the oil markets, which are witnessing more balance". He pointed out that "(OPEC +) is cautious with regard to the strategy to raise production, which is reviewed on a monthly basis in the context of achieving stability and comfort for the markets, and this strategy bears witness to success amid market challenges." It is noteworthy that the member states of the (OPEC +) alliance agreed earlier today, Tuesday, to pump 400,000 barrels per day next February in order to maintain the stability of the global market. The General Secretariat of (OPEC) stated in a statement that the participants in today's meeting reiterated the importance of adhering to the full compliance and compensation mechanism and benefiting from the extension of the compensation period until the end of June 2022, according to the statement of the 15th ministerial meeting. It was also decided to hold the 25th ministerial meeting of the countries of the (OPEC +) alliance on the second of next February to review the developments in the oil market.