Kuwaiti Oil Barrel Price101.45 Date:08-08-2022

& Events

Speech of His Excellency the Minister of Oil and the Acting Minister of Electricity and Water on the 60th anniversary of OPEC Founding


The Organization of Petroleum Exporting Countries (OPEC) today celebrates its 60th anniversary of its establishment. The Organization was established on September 14,1960 at the initiative one of the five major oil producing countries at the time and they are: Kuwait, Saudi Arabia, Iran, Iraq and Venezuela at a meeting which was held in Baghdad the capital of Iraq. However, OPEC became one of 13 oil producing countries and the most important organization was established to maintain the stability of the international oil market and protect the world economy. The celebration of OPEC's 60th anniversary coincides with the passage of the entire world through the difficult circumstances that the market is currently experiencing due to the spread of the coronavirus which led to wide economic disturbances and unprecedented collapses in the history of the oil industry. As usual, OPEC maintained the oil market through its historic decisions in 2020 to reduce production levels, which were considered the largest in the history of the organization, to maintain oil prices, provide oil supplies to the world and ensure the stability of the markets. OPEC confirms its leadership in achieving the ideal equation of maintaining prices to ensure the interest of consumers, but without negatively affecting producers and investors in the oil industry.

of Oil Tender

Ministry of Oil Building - Oil Sector - Third Floor
Finance Department

Announcement of Exercise No.1/2022-2023

Oil Ministry Announcement of Exercise No. 2023/1-2023 The Ministry of Oil announces the offering of an internal practice for a period of 3 years, which is: Internet service provision This is in accordance with the general and specific conditions and specifications contained in the above-mentioned practice documents. The practice documents can be obtained from (Ministry of Oil - Third Floor - Financial Affairs Department - Fund Department) during official working hours starting from Sunday 26/6/2022 AD, for an amount The amount of 75 Kuwaiti Dinars (seventy-five Kuwaiti Dinars) is not refundable, and the deadline for submitting bids is on Thursday 7/7/2022 AD at 2:00 pm, in the Practices Fund of the Ministry of Oil, and the bids are valid for a period of 90 days as of From the date of opening the bid envelopes, the value of the initial guarantee for this bid is 2%, and it should be valid for the duration of the bid Bid validity period, noting that the exercise is indivisible.

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