Minister of Oil and Minister of Electricity and Water Khaled Al-Fadhel pointed out that the oil industry is facing major challenges affecting oil-producing countries. Al-Fadhel made the statement during the opening ceremony of the fourth Kuwait oil and gas conference and exhibition held on Sunday.
The challenges include developing the techniques of oil production and refining, digitizing product marketing, climate change and the risks of cyber terrorism, the minister told the conference. Despite changes affecting the global oil industry, Kuwait has been committed to maintaining stability of global oil prices, in a way that does not negatively impact development march of oil-exporting countries, he noted.
He stated that the oil markets have dealt with the volatility of prices, thanks to the unprecedented commitment to the implementation of what has been agreed upon among the members of the Organization of Petroleum Exporting Countries (OPEC). He pointed to the role of Kuwait in boosting cooperation among member states and its commitment to restoring stability to the oil markets.
He stressed the need to attract developed world expertise and boost the country’s technical capabilities. Al-Fadhel extolled the country’s pioneering and distinguished role on both local and international levels in all aspects of the oil and gas industry. “We always work on developing and bringing the latest technologies in the oil industry, and seeking to benefit from advanced technological methods,” he said.
He stressed Kuwait’s faith in concerted efforts to protect the Earth from the risks of climate change. “Kuwait as an oil producing country works on adapting the oil industry to reduce greenhouse gas emissions in the atmosphere and qualifying oil operations to become environment-friendly,” he said. He indicated that the Kuwaiti oil sector is taking into consideration climate change conventions and partaking in international events to aiming it protect the environment.
