Al Roumi emphasizes OPEC+ cooperation for global market stability

Oil Minister Tarek Al Roumi emphasized on Saturday the importance of close cooperation among OPEC Plus member states to achieve sustainable stability, ensuring a balanced market that supports global economic growth.

His made these comments following the 59th meeting of the Joint Ministerial Committee for Production Control, which was held virtually, according to Al-Jarida daily.

In a statement Al Roumi explained that the meeting focused on the latest developments in the global oil market, addressing trade, economic challenges, and geopolitical tensions that require increased vigilance to maintain market balance and secure oil supplies.

The committee reviewed production data from recent months, highlighting the voluntary production adjustments made by eight OPEC Plus countries in April and November 2023 to stabilize the market.

It was also noted that some countries had not fully complied with their production targets, and the committee underscored the need for full adherence and updated compensation plans, due by April 15.

Al Roumi stressed that the periodic meetings of the OPEC Plus alliance play a vital role in responding swiftly to emerging market challenges.
He reaffirmed Kuwait’s commitment to maintaining its production level as per the compensation plan, emphasizing the country’s ongoing responsibility in promoting market stability and supporting the alliance’s objectives.

The Kuwaiti delegation at the meeting included Al Roumi, Kuwait’s OPEC Governor Mohammed Al-Shatti and Kuwait’s representative to OPEC, Sheikh Abdullah Sabah Al-Salem.