After leading Kuwait’s delegation at the 23rd Meeting of the Joint Ministerial Monitoring Committee (JMMC), the country’s Minister of Oil Dr. Khaled Al-Fadhel updated that OPEC-non-OPEC partners have committed themselves to a 102 percent production cut in the last month.
“This percentage, the highest since the agreement took force last May, contributed to the gradual reduction of the glut in oil inventory.” the oil minister remarked.
The JMMC meeting which was chaired by the Saudi Minister of Energy Prince Abdulaziz bin Salman and Alexander Novak, the Russian energy minister observed that recent data exhibited that the committee’s relentless efforts have resulted in the “unprecedented commitment” by the majority of partners.
“The meeting reviewed the data and reports on oil inventories which signal that the stocks took a downward slant,” the oil minister pointed out.
“The State of Kuwait has played an important role as an active member of the JMMC in the activities of the committee since its inception in 2017,” Dr. Al-Fadhel emphasized.
The minister urged all OPEC-non-OPEC-producing countries to increase their efforts to achieve higher levels of compliance to the production cut agreements which have become inevitable due to the lack of global economic and trade activities assisted by COVID-19.
“Strict and continued commitment to the deal could help restore the balance between supply and demand in the world oil market as early as possible,” the Kuwaiti minister added.
The meeting also honored Kuwait’s late Amir His Highness Sheikh Sabah for his commitment to the alliance.
The OPEC+ includes 13 members of the Organization of the Petroleum Exporting Countries (OPEC) and 10 non-OPEC countries.