Kuwaiti Oil Barrel Price89.64 Date:24-01-2022

News
& Events

The (OPEC +) alliance stresses the importance of preserving efforts to rebalance the oil market

27-04-2021

The Producers' Alliance (OPEC +) stressed today, Tuesday, the importance of continuing the current efforts aimed at maintaining the balance of the oil market. A statement issued by the Organization of Petroleum Exporting Countries (OPEC) in Vienna at the conclusion of the 16th Ministerial Meeting of the Organization and non-member producing countries through video conference technology said that the continuous positive contributions of the countries declaring cooperation in support of rebalancing the global oil market in line with Historic decisions taken by the OPEC + alliance. The statement indicated that the meeting highlighted the ongoing recovery in the global economy supported by unprecedented levels of monetary and financial support, noting that the economy is expected to recover quickly in the second half of this year. But the gathering warned of the increasing cases of the new Corona virus in a number of countries despite the ongoing vaccination campaigns and that the re-emergence of new strains could impede the recovery of the global economy and oil demand. The statement said that the overall compliance rate for production adjustments reached 115 percent in March 2021, reinforcing the trend of higher compliance by participating countries. The meeting expressed its appreciation to the participating countries that had achieved exceeding expectations in March 2021, with the total volumes exceeding 1.23 million barrels per day. In spite of this, some participating countries are still required to meet the minimum expectations of 100 percent compliance and compensation for excessive volumes in production. The meeting also indicated that the countries participating in DoC pledged to achieve full compliance and compensate for the deficiency in previous amendments during the compensation period, which extends until the end of September 2021. Representatives of the countries participating in the meeting stressed the importance of being vigilant, flexible and vigilant in light of unstable market conditions. The participants in the meeting recorded with gratitude the large additional voluntary adjustment to reduce the production of 1 million barrels per day carried out by the Kingdom of Saudi Arabia in April 2021 and the gradual return of these volumes in May, June and July 2021 due to the prevailing uncertainties surrounding the oil market.

Ministry
of Oil Tender
Announcement

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

Ministry of Oil Announcement of Tender Tender No. 1/22021-2022

The Ministry of Oil announces the launch of the following tender Maintenance of servers for virtual servers USB Blade Servers and the Dell Tape library" This is in accordance with the general and specific conditions and specifications contained in the tender documents mentioned above. The tender documents can be obtained from the Ministry of Oil - Third Floor - Financial Affairs Department - Fund Department during official working hours starting from Sunday 16/1/2022 AD, for an amount of 75 d. K. (Seventy-five Kuwaiti Dinars) is not refundable, and the deadline for submitting bids is on Thursday, 27/1/2022 AD at 2:00 pm, in the Practices Fund of the Ministry of Oil. Bids are valid for a period of 90 days from the date of opening bid envelopes. The initial guarantee for this bid is 2% and it should be valid for the duration of the bid’s validity, bearing in mind that the bid is indivisible.

The Ministry of Oil announces the launch of a general practice

The Ministry of Oil announces the launch of a general practice (license renewal and technical support for the PALOALTO FIREWALL program) For inquiries, please visit the Ministry building - the oil sector complex - the third floor - the fund department

The Ministry of Oil announces the launch of a general practice

The Ministry of Oil announces the launch of a general practice (license renewal and technical support for the CORTEX-XDR program) For inquiries, please visit the Ministry building - the oil sector complex - the third floor - the fund department

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