Oil Min.: Kuwait Supports Stability Of Global Market

12/5/2024 9:14:25 AM

(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, Dec 5 (KUNA) -- The State of Kuwait is keen on supporting the stability of the global oil market, which is important to achieve balance between supply and demand, said Minister of Oil, Tareq Al-Roumi on Thursday.
This affirmation came while the minister headed the delegation of the State of Kuwait participating in the 57th meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 38th Ministerial Meeting of the OPEC+ group, held via video conference.
The delegation included OPEC Governor -- State of Kuwait, Mohammad Al-Shatti, and Kuwait's National Representative to OPEC, Sheikh Abdullah Sabah Salem Al-Hamoud Al-Sabah.
In a press statement issued by the Ministry of Oil, the Minister emphasized Kuwait's pivotal role in supporting the stability of global oil markets.
He highlighted the importance of strengthening cooperation among producing countries to achieve a balance between supply and demand, ensuring the sustainability of global economic growth.
The Minister added, "The two meetings represent an important opportunity to review market developments and discuss the best ways to address current challenges by intensifying joint efforts between OPEC members and Non- OPEC producing countries."
Al-Roumi praised the decision made by Kuwait and several other producing countries to extend the voluntary production cut until the end of March 2025, describing it as a positive step that reflects the commitment of producing nations to their responsibilities toward market stability.
Al-Roumi affirmed that Kuwait supported efforts to enhance market stability, emphasizing the strategic role played by the Joint Ministerial Monitoring Committee in monitoring compliance with production cut decisions, compensation programs, and achieving the goals of the OPEC+ partnership.
The Minister of Oil concluded his statement by emphasizing that Kuwait would continue its commitments and close cooperation within OPEC+ to achieve sustainable stability in the global market. (end)
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