Kuwaiti oil minister: “OPEC +” continues to implement its strategy to restore market balance

Kuwaiti Deputy Prime Minister, Oil Minister and Minister of State for Cabinet Affairs, Dr. Muhammad Al-Faris, said on Thursday that the Organization of the Organization of Petroleum Exporting Countries and Non-OPEC Producing Countries alliance + is continuing to implement its strategy to restore market equilibrium through the monthly increase in oil production.

This was stated by Minister Al-Fares, quoted in a press release released by the Ministry of Petroleum, after leading the delegation of the State of Kuwait that participated in the 40th meeting of the Joint Ministerial Committee for Production Monitoring (JMMC) in the alliance “OPEC +” and the 28th ministerial meeting “OPEC +”, which took place through video communication technology.

Al-Fares said “OPEC +” is following the rise in Corona virus infections in China and the closures that some Chinese cities have implemented to prevent the spread of the epidemic and the possibility of supply disruptions.

He stressed “the repercussions of the rise in US interest rates on global economic growth and the slowdown in global growth due to rising material prices. prime and its effects on the growth rate of oil demand “.

He stressed that the agreement to declare the cooperation strengthens the security of supply in the markets through the “OPEC +” strategy and the approval of an increase in supplies to the oil markets of 432,000 barrels per day for the month of June, which guarantees the market stability and achieving a balance between supply and demand.

He attended the meeting with Minister Al-Faris, the new Secretary General of “OPEC” Haitham Al-Ghais, the Governor of the State of Kuwait at the “OPEC” Muhammad Al-Shatti, and the National Representative of the State of Kuwait to the Organization, Sheikh Abdullah Sabah Salem Al-Hamoud Al-Sabah.

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