— The Minister of Oil and Minister of Higher Education Dr. Mohammad Al-Fares will head Kuwait’s delegation in the 30th Meeting of the Joint Ministerial Monitoring Committee (JMMC).

The JMMC is the coalition of the Organization of the Petroleum Exporting Countries (OPEC) members and world’s major non-OPEC oil-exporting nations, named (OPEC+).

He also is scheduled to take part in the 17th ministerial meeting of OPEC+ later Tuesday via video conference.

The positive and vital contributions of the participating countries in the decrease of production agreement had greatly contributed to the rebalance of international oil market, the Minister said in press statement issued by the Ministry of Oil before his participation in the two meetings.

The production reforms by the oil producing countries that started last May of 2021 indicate the agreement among OPEC+ members was fruitful. Commitment of Saudi Arabia led to the stability of the market.

The oil markets will be able to absorb the gradual increase in oil production by OPEC+ coalition, as the coronavirus (COVID-19) vaccination programs are accelerating global wise.

The demand on oil will increase by the second half of 2021, with improvement of the market’s basics.

Al-Fares stressed on Kuwait’s commitment in all of OPEC’s decision to rebalance the oil international market, and re-settling the demand and supply, as well as halting the prices fluctuation.

OPEC+ production will increase by 350,000 barrel on a daily basis in May and June of the year 2021, then by 400,000 barrels daily in July.

Saudi Arabia will also gradually decreased its one-sided extra reduction by one million barrel during few upcoming months.

Source: Kuwait News Agency