Kuwaiti Deputy Prime Minister and Minister of Oil Dr. Mohammad Al-Fares said Thursday the OPEC Plus alliance succeeded in managing the oil markets through a larger production increase than planned during July and August 2022.
Al-Fares, who doubles as Minister State for Cabinet Affairs, made the remark in a press release, issued by the Ministry of Oil, after heading Kuwait’s delegation partaking in 42nd Joint Ministerial Monitoring Committee (JMMC) and 30th OPEC+ meetings, held via video conferencing.
He said this decision contributed to calming markets and showing the strength of the alliance in a collective decision to ensure the security of supply.
He stressed that OPEC has fully succeeded in meeting the needs of the oil market by pumping more oil in line with high levels of demand.
The minister added the OPEC Plus agreement calls for an increase in the production of member states by 648,000 barrels per day in August, praising the OPEC Plus’s role in market stability and supply security, and the alliance is a key element in the market balance that must be maintained for the market’s benefit.
Al-Fares highlighted that Kuwait’s quota production will rise up to 2.811 million, while stressing Kuwait’s full commitment to the agreed production quotas. This will enable countries to continue regain large part of their production levels achieved pre Covid-19 at the beginning of 2020, he said.
The Kuwaiti oil minister’s delegation comprised Governor of the State of Kuwait to OPEC Muhammad Al-Shatti and National Representative of the State of Kuwait to the Organization of the Petroleum Exporting Countries Sheikh Abdullah Sabah Salem Hamoud Al-Sabah.
Source: Kuwait News Agency