Kuwaiti Oil Minister Tariq Al -Roumi affirmed his country’s support for efforts to stabilize the global oil market, explaining that the decisions of the “OPEC Plus” coalition take place according to the market data.
In a statement published by the Kuwaiti News Agency after his participation in the 61st ministerial meeting of the Joint Ministerial Committee for Production, he expressed his optimism about the basics of the oil market, explaining that the efforts of “OPEC Plus” are targeting energy security and market balance.
He pointed out that the meeting reflected the commitment of countries to the agreement of the declaration of cooperation, which contributes to supporting global economic growth and enhances investor confidence in the oil market.
On Monday, the joint ministerial monitoring committee of «OPEC Plus» announced on Monday the necessity of full compliance with the oil production agreements, before a separate meeting on Sunday for eight members of OPEC Plus to take a decision on increasing oil production for the month of September.
The committee said in a statement after the meeting: “The committee stressed the decisive importance to achieve full commitment and compensation.”
The compensation discounts are those that are required by some countries, such as Iraq and Kazakhstan, to implement to compensate for the previous surplus production.
