Kuwaiti Minister of Oil Essam Al-Marzouq met Saturday with the visiting Saudi and Qatari ministers of energy and industry Khaled Al-Faleh and Mohammad Al-Sada respectively on how to maintain world oil market stability.
The meeting came on the occasion of the Saudi minister Al-Faleh's takeover of OPEC presidency from its outgoing head Al-Sada, Kuwait Petroleum Cooperation (KPC) said in a press release. Kuwaiti Minister of Oil Essam Al-Marzouq, who doubles as Minister of Electricity and Water, is head of the OPEC's production control committee.
The meeting is part of continuing fraternal consultations among the three Gulf ministers on ways of promoting trilateral cooperation, world oil market conditions and rebalance between global supply and demand, it said.
It came following a recent OPEC agreement to cut production by 1.2 million barrels per day, followed by a decision by non-OPEC members to curb production by around 560,000 barrels per day.