The Minister of Petroleum and Minister of Higher Education, in the State of Kuwait, Dr. Muhammad Al-Faris, confirmed today, Wednesday, that the prudent and balanced management (OPEC +) of the oil markets has succeeded in supporting The global oil industry during the Corona pandemic crisis.
The Kuwaiti minister’s speech has arrived in a declaration This was reported by the Kuwait news agency, after his participation in the 32nd meeting of the committee Joint Ministerial Production Monitoring (JMMC) and the 20th Ministerial Meeting of the Organization of Petroleum Exporting Countries and Non-OPEC Producers (OPEC +), which was held via video communication technology.
Al-Faris stressed the organization’s constant effort to secure oil supplies in the markets and the success of its efforts in achieving balance and restoring the model of stability for the global economy.
He praised the decision (OPEC +), which was unanimously taken and entered into the agreement to continue the work of the OPEC + agreement and increase oil markets by 400,000 barrels per day in October 2021, noting that the share of the state of Kuwait from this increase is 27 thousand barrels per day in October 2021.
The OPEC + group concluded its meeting, today, Wednesday, with a unanimous agreement to keep the production policy unchanged, setting October 4 as the date for the next meeting of the group to review the production policy, according to a statement released by “OPEC +” .
The press release from the OPEC + ministerial meeting stated that the countries of the group confirmed the plan to increase production by 400,000 barrels per day each month, with the extension of the compensation period for countries that have not committed to production levels until at the end of December.
According to the statement, non-compliant countries will submit compensation plans no later than September 17, with the next group meeting on October 4.
Read More About: Business News