(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, Dec 3 (KUNA) -- Kuwaitآ's Ministry of Oil said that the Organization of the Petroleum Exporting Countries (OPEC) and OPEC+ meeting ended in a successful and consensual way late Thursday after negotiations over weeks.
Kuwait has played, through Minister of Oil and Acting Minister of Electricity and Water Dr. Khaled Al-Fadhel, an outstanding diplomatic role in reaching a consensus among OPEC and non-OPEC 23 countries, the ministry said in a statement to KUNA.
It noted that this was done by submitting a Kuwaiti consensus proposal in cooperation with Algeria -- which chairs the OPEC -- and non-OPEC member Azerbaijan that had the support of all participating countries.
The proposal calls for increasing oil production gradually by a maximum of 500,000 barrels per day as of January 2021, and holding the ministerial meeting of OPEC+ every month to review the market and make recommendations on the output levels in the upcoming months, it pointed out.
It also includes extending the the compensation period for non-compliance with production quotas to the first quarter of 2021, it stated. (end)
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