Miscellaneous

Kuwaiti Oil Min. partakes in OPEC+ meetings

Minister of Oil and Minister of Electricity and Water Dr. Mohammad Al-Fares said, prior to his participation in the OPEC+ meeting, that Kuwait supports decisions that would maintain the oil market stability, especially considering negative consequences due to COVID-19, according to a press statement issued by the Oil Ministry.

Al-Fares will participate in the 25th meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 13th Ministerial Meeting of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries, also known as OPEC+, which will be held on Monday, today, through videoconference.

OPEC+ demonstrated its pioneering role in maintaining the stability of oil markets in order to ensure the common interest of consuming and oil-producing countries, encouraging the confidence among investors in the oil industry, he underlined.

While the effects of the second COVID-19 wave overall must be cautioned, with the start of vaccines distributed to several countries worldwide, it is expected that the demand for oil will gradually recover, especially during the second half of 2021, which opens up a chance to overcome the damages to the global economy after the COVID-19 wave recedes, consequently the demand for oil and petroleum products grows, he mentioned.

The Kuwaiti delegation to the two meetings, in addition to Al-Fares, includes both Kuwait’s Governor at OPEC Haitham Al-Ghais and Mohammad Al-Shatti, Kuwait’s national OPEC representative.

Source: Kuwait News Agency