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

& Events

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


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.

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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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