JMMC essential for global oil market stability – Min.

Kuwait’s Minister of Oil Bakheet Al-Rasheedi stressed Friday the importance of the OPEC/Non-OPEC Joint Ministerial Monitoring Committee (JMMC) in advising OPEC oil ministers to achieve stability in the global market.

Al-Rasheedi, also Minister of Electricity and Water, made his remarks to KUNA ahead of OPEC’s ministerial meeting, pointing out his participation in JMMC’s preparatory meeting on Thursday before the 174th Meeting of the OPEC Conference.

The meeting discussed several key subjects, notably the current situations in oil market, crude oil supply-demand balancing, market stability and supply security schemes, he said.

The JMMC meeting also discussed ways to keep markets balanced and prevent any major volatility on prices in light of recent developments in the oil market, added the Kuwaiti minister.

Furthermore, the meeting addressed commitments by OPEC member and non-member countries to the signed cooperation pact to cut oil production, he said, adding JMMC submitted its recommendations in that regard to the 174th meeting.

The senior Kuwaiti official also mentioned his “positive” meetings with a number of ministers on the sidelines of OPEC meeting, during which they discussed ways to reach a consensus in favor of producers and consumers.

Moreover, he mentioned his participation in OPEC’s Seventh International Energy Seminar last night, during which he affirmed Kuwait’s stand in favor of investing in oil and gas to maintain the continuation of supplying the market’s growing need of crude oil.

Kuwait began investing in several oil and gas sectors inside and outside the country to boost its role in world supply security and stability of the oil market, said Al-Rasheedi.

For the next five years, the GCC-member state plans to invest in over USD 100 billion in all fields relative to oil and gas production, exploration, and refineries, in addition to petrochemical and gas treatment projects, he revealed.

The Kuwaiti minister also mentioned his country’s procedures to reach production capacity of four million barrels a day by 2020 through increasing drilling rigs and private investments in exploration and production projects, adding there are currently projects underway in that regard.

Source: Kuwait News Agency