In a statement circulated by the Kuwait News Agency, the Minister of Oil and Minister of Higher Education in the State of Kuwait, Dr. Muhammad Al-Faris, reiterated that the prudent and balanced (OPEC+) management of oil markets has succeeded in supporting the global oil industry during the Corona pandemic crisis.
The Kuwaiti minister’s speech came after his participation in the 32nd meeting of the Joint Ministerial Committee for Production Control (JMMC) and the 20th ministerial meeting of the Organization of Petroleum Exporting Countries and non-OPEC producing countries (OPEC+), which was held via video communication technology.
Al-Faris stressed the organization’s constant endeavor to secure oil supplies in the markets and the success of its efforts in achieving balance and restoring the pattern of stability to the global economy.
He praised the (OPEC+) decision, which was approved unanimously, which stipulates the continuation of the group’s agreement and the increase in the supply of oil markets by 400,000 barrels per day during the month of October 2021, pointing out that the share of the State of Kuwait from this increase is 27 thousand barrels per day during the month of October 2021.
It is worth noting that the OPEC+ group has ended its meeting, agreeing to keep the production policy as it is, with 4 October 2021 as the date for the group’s next meeting to review the production policy.
The statement of the (OPEC+) ministerial meeting stated that the countries of the group confirmed the plan to increase production by 400,000 barrels per day every month, with the extension of the compensation period for countries that are not committed to production levels until the end of December 2021.
According to the statement, non-compliant countries will submit compensation plans no later than September 17, 2021, with the next meeting of the group on October 4, 2021.