AlFares: The State of Kuwait contributes to the success of the (14) meeting of (OPEC +)
Al-Fares: The State of Kuwait contributes to the success of the 14th meeting (OPEC +)
The Kuwaiti Ministry of Oil said that the 14th (OPEC +) meeting was held in a consensual atmosphere, as the oil market witnessed a remarkable improvement due to the international efforts to distribute the (Covid-19) vaccine and the positive effects of that in supporting the recovery of the global economy and industrial activity and the improvement in global demand for oil during the current year.
(Oil ministry) stated in a press release today, Thursday, that despite optimism, it was stressed that it is necessary to take caution and caution in dealing with this stage in light of a number of caveats related to fears of the continuing outbreak of the Corona virus, which may negatively affect the course and pace of the demand recovery.
She emphasized the quest to ensure the success of efforts to achieve market balance and return the levels of oil stocks to normal levels, and this was reflected positively on the markets today, and it is expected that the improvement in the markets will continue amid OPEC + determination to continue adhering to the agreement to reduce production.
The statement indicated that the Minister of Oil and Minister of Higher Education, Dr. Mohammed Alfares, delivered a speech during the meeting during which he praised the initiative of the Kingdom of Saudi Arabia to reduce its production voluntarily during the months of February and March and the efforts and consultations that the Kingdom of Saudi Arabia led intensively with Russia and with the rest of the countries participating in the OPEC agreement. +).
During his speech, Al-Faris praised the efforts of all countries that have contributed to reducing supplies in the oil market, which encouraged the continuation of the continuous withdrawals from the surplus in oil stocks and the restoration of stability in the markets.
He referred to the efforts of the State of Kuwait, which has proven through its full commitment to reduce its production as required with the production cut agreement, which undoubtedly contributed to the improvement of the balance of supply and demand.
He indicated that despite the atmosphere of recovery and optimism surrounding the markets, "the markets are facing a factor that we do not have control over, which is the spread of the Corona virus," and with it the tightening of isolation and quarantine measures in some countries, which may affect the recovery of demand and OPEC + efforts to restore balance to the markets. .
He pointed out that the (OPEC +) countries must take caution and caution in the current circumstances, until the markets witness a clear and tangible improvement in the recovery of demand in the interest of all and the oil industry.
Accordingly, he said, the State of Kuwait supported the consensus decision that was reached to extend the current production cuts for an additional month during April 2021.
AlFares noted the initiative of the Kingdom of Saudi Arabia to continue to voluntarily reduce its production by one million barrels per day during the month of April 2021, which will support stability in the oil market.