His Excellency the Minister of Oil and the Minister of Higher Education praises the results of the meetings of the Ministerial Committee for Production Control and (OPEC +)
His Excellency the Minister of Oil and Minister of Higher Education
Dr. Mohammed Al-Fares praises the results of the meetings of the Ministerial Committee for Production Control, and OPEC Plus
His Excellency the Minister of Oil and Minister of Higher Education Dr. Mohammed Al-Fares headed the delegation of the State of Kuwait participating in the thirty-third ministerial meeting of the Ministerial Committee for Production Monitoring JMMC, and the twenty-first meeting of the Organization of Petroleum Exporting Countries and Non-OPEC Producing Countries (OPEC Plus) ONOMM, through visual communication technology.
He participated with Minister Al-Fares, Governor of the State of Kuwait to the Organization of the Petroleum Exporting Countries, Mr. Mohammed Khader Al-Shatti, and the National Representative of the State of Kuwait to OPEC, Sheikh Abdullah Al-Sabah.
In a press statement issued by the Ministry of Oil, Minister Al-Fares also stressed the atmosphere of optimism in the oil markets with a cautious improvement in the fundamentals, which contributed to the level of OPEC Plus commitment, which in turn enhances the maintenance of market stability, supports efforts to recover the economy, and ensures the security of supplies through commitment. With an agreement to increase the monthly amount of 400,000 barrels per day, it has been in effect since August 2021.
Minister Al-Fares also stressed that the decisions of OPEC Plus are credible because they aim to achieve stability and security of supplies, and their effects have been positive, as noted since the start of the Corona pandemic, in the gradual balance of markets.
His Excellency the Minister of Oil praised the results of the OPEC Plus meeting, which decided to increase production by 400,000 barrels per day for the month of November 2021, according to the agreement of the monthly increase plan, which was agreed collectively at the nineteenth ministerial meeting of OPEC Plus in July 2021, and the share of the State of Kuwait from the total increase The scheduled production, according to the agreement, is 27 thousand barrels per day for the month of November 2021.
Al-Fares stated that the positive factors that contribute to improving market fundamentals include the expansion of countries in vaccination against the Corona virus, and the impact of this in encouraging increased movement and movement of all kinds, industrial and economic activity, and a recovery in the rate of growth in demand, in contrast to an impact on supply in the wake of Hurricane Ida and Nicholas, which struck the shores of the Gulf of Mexico in the United States, which affected oil and gas production, in addition to affecting production in Mexico, which was reflected in the continuation of withdrawals from the oil stock and the floating stock, with some additional support expected from the markets with the rise in gas prices and amid expectations of an upcoming severe winter, indicating that This is reflected in the oil markets, which are witnessing more balance.
Al-Fares stated that OPEC Plus is cautious with regard to the strategy of raising production amid the challenges of the oil markets, which are reviewed on a monthly basis in the context of achieving stability and comfort for the markets.