Kuwait Oil Min.: Global market heading towards balanced supply, demand
Kuwait: The global market is heading in the right direction towards balanced supply and demand, said Oil Minister Dr. Saad Al-Barrak on Wednesday. This statement by Al-Barrak — also Deputy Prime Minister and Minister of State for Economic and Investment Affairs — came during his participation at OPEC’s 50th meeting of the Joint Ministerial Monitoring …
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Kuwait: The global market is heading in the right direction towards balanced supply and demand, said Oil Minister Dr. Saad Al-Barrak on Wednesday.
This statement by Al-Barrak — also Deputy Prime Minister and Minister of State for Economic and Investment Affairs — came during his participation at OPEC’s 50th meeting of the Joint Ministerial Monitoring Committee (JMMC), which took place via videoconference.
Also attending were Kuwaiti Governor at OPEC Mohammad Al-Shatti as well as National Representative at the organization Sheikh Abdullah Al-Sabah.
In a press statement by the Ministry, Al-Barrakh saidm “The world is required to increase investment in all types of energy sources, including oil, to ensure meeting the needs of growing demand, the recovery of the global economy, and energy security.”
“The OPEC Plus cuts are necessary to stabilize the market on sustainable markets, praising the OPEC Plus precautionary measures to confront the challenges facing the global oil market.” The Minister praised the Saudi and Russian decision to “to continue the voluntary reduction and extending it until the end of 2023, and its positive impact on the balance and stability of the oil market.
” Dr. Saad Al-Barrak stressed that “the State of Kuwait is committed to the OPEC Plus decisions to reduce production, in addition to the voluntary reduction, and that the State of Kuwait recognize it international role and will continue to invest.” He pointed out that Kuwait would continue to invest in expanding oil production to reach 3.2 million barrel per day by 2024.
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