Oil Min. underlines need for coordination among producers

– Kuwait’s Deputy Prime Minister, Oil Minister and Minister of State for Cabinet Affairs Dr. Mohammad Al-Faris underscored on Wednesday the need for cooperation and coordination among all producers to face any challenges or impacts on the supply of oil markets.

This was in a press statement issued by the Ministry of Oil after Al-Faris headed the delegation of Kuwait to the 43rd meeting of the Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum Exporting Countries and allies including Russia (OPEC+), along with the 31st ministerial meeting of OPEC+, which were held via videoconference.

OPEC+ will enter a new phase of cooperation to effectively manage the oil markets and play a greater role during the upcoming period, he said.

He expressed his sincere condolences over the death of the Former Secretary General of OPEC Mohammad Barkindo, noting his time over the past years in leading the organization and the efforts he made in bringing the views of member states closer.

He congratulated the Secretary General of OPEC Haitham Al-Ghais, who assumed his duties yesterday, wishing him success on the upcoming period in supporting and encouraging cooperation among member states, as well as unifying efforts to create more stability in the oil markets.

He commended the role of OPEC+ in contributing to the stability of markets and the security of supply effectively, stressing that OPEC+ is a major element in the market that must be preserved for the benefit of all.

Al-Faris reiterated Kuwait’s full commitment to the agreed production quotas, commending the OPEC+ decision to increase supplies on September by 100,000 barrels per day, becoming a positive indicator of market support, as Kuwait’s share for September will be at 2.818 million bpd.

The Kuwaiti delegation to the two meetings included the OPEC Governor Mohammad Al-Shatti and the National Representative of Kuwait to OPEC Sheikh Abdullah Sabah Salem Hamoud Al-Sabah.

Source: Kuwait News Agency