Kuwait reaffirms backing to global oil market stability
He also reiterated Kuwait's commitment to supporting a policy of cooperation to ensure the sustainability of market balance and secure energy supplies, according to a press statement issued by the Ministry of Oil.
The Ministry said that Minister Al-Roum made these remarks during his participation in three virtual meetings held today: the 60th OPEC + Joint Ministerial Monitoring Committee, the 39th OPEC + Ministerial Meeting and the 191st OPEC Ministerial Conference.
The Minister of Oil stated that the meetings are being held at a critical time for global markets amid increasing challenges.
"This necessitates enhanced joint coordination among countries within the framework of the OPEC+ Declaration of Cooperation and the adoption of well-considered decisions that support the stability of global oil markets," he argued.
He pointed out to the OPEC Secretariat's assignment to develop a mechanism for assessing the sustainable production capacity of member countries participating in OPEC+, to be used as a reference basis for determining production quota levels in 2027.
In addition to the Minister of Oil Al-Roum, the Kuwaiti delegation which participated in the meetings included Kuwait's Governor to OPEC, Mohammad Khudr Al-Shatti, and Kuwait's National Representative to OPEC, Sheikh Abdullah Sabah Salem Al-Hamoud Al-Sabah.
All KUNA right are reserved © 2022. Provided by SyndiGate Media Inc. (Syndigate.info).
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