Minister of Oil Dr. Khaled Al-Fadhel said Monday the OPEC-non-OPEC partners committed themselves by 102 percent to the agreement on production cut in last month. “This percentage, the highest since the agreement took force in last May, contributed to gradual reduction of the glut in oil inventory,” he said in a press release after leading Kuwait delegation to the 23rd Meeting of the Joint Ministerial Monitoring Committee (JMMC).
The meeting was held online under the Chairmanship of Saudi Minister of Energy Prince Abdulaziz bin Salman and the Co-Chair Alexander Novak, the Russian energy minister. Dr. Al-Fadhel, also acting minister of electricity and water, noted that recent data showed “unprecedented commitment” by the majority of partners thanks to the relentless efforts of the JMMC.
“The meeting reviewed the data and reports on oil inventories which signal that the stocks took a downward slant,” he 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,” he stressed. Dr. Al-Fadhel called on the OPEC-non-OPEC producing countries to scale up efforts to reach even higher level of commitment to the deal on output cut which turned to be inevitable in the coming months due to the negative impacts of the outbreak of the novel coronavirus (Covid-19) on economic and trade activities worldwide.
“Strict and continued commitment to the deal could help restore balance between supply and demand in the world oil market as early as possible,” he added. The participants in the JMMC meeting paid tribute to His Highness the late Amir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah for his support to the OPEC decisions since its foundation in September 1960.
Prince Abdulaziz and OPEC Secretary-General Mohammad Sanusi Barkindo expressed sincere condolences to the government and people of Kuwait over the passing of His Highness Sheikh Sabah, recalling their personal relations with His Highness the late Amir. The OPEC+ includes 13 members of the Organization of the Petroleum Exporting Countries (OPEC) and 10 non-OPEC countries.