KUWAIT CITY, March 31, (KUNA): Kuwait reiterated its full support of OPEC+ efforts measures to ensure global oil supply and demand balance through its commitment to reduce output levels, as agreed, the oil minister said on Thursday. Kuwait’s Oil Minister Dr. Mohammad Al-Fares made the comments prior to his virtual attendance of OPEC+ Joint Ministerial Committee for Production Control (JMMC) talks on Wednesday and OPEC+ ministerial talks a day later.
Minister Al-Fares, also Minister of Higher Education, said OPEC+ takes a “vigilant approach,” decided on a monthly basis, to keep pace with everchanging market developments. He commended the ongoing efforts and cooperation between OPEC and non-OPEC partners to support the stability of oil markets and promote a global economic recovery by maintaining stable global energy flows. He also praised the collective decision, taken during the previous meeting, to extend current production cuts for an additional month – until the end of April 2021 – and Saudi Arabia’s initiative to continually reduce output during this period.
This will support stability in oil markets, he emphasised, applauding the efforts and consultations that Saudi Arabia has led intensively with Russia and the rest of the countries participating in the OPEC+ agreement. On a recovery on global oil market indicators, the minister said he was “cautiously optimistic” about a gradual recovery and return to normal life, especially in light of the roll-out of coronavirus vaccines worldwide.