Kuwait, Saudi Arabia, UAE led effort to cut oil output: Kuwaiti Minister

Kuwait, Saudi Arabia, UAE led effort to cut oil output: Kuwaiti Minister
Kuwait, Saudi Arabia, UAE led effort to cut oil output: Kuwaiti Minister

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Kuwait - Yasmine El Tohamy - VIENNA: Kuwait’s Minister of Oil Dr Khaled Al-Fadhel attends the meeting. – KUNA

VIENNA: Kuwait’s Minister of Oil Dr Khaled Al-Fadhel said Friday his country, Saudi Arabia and the United Arab Emirates lobbied successfully for the OPEC Plus pledge to cut the glut in oil production. In statements to KUNA, the minster commended the decision made earlier by the oil ministers of OPEC and non-OPEC producers to curtail the output by 500,000 barrels per day until next March. The decision, unanimously approved by the seventh ministerial meeting of OPEC and non-OPEC partners, takes effect as of January, he pointed out. Fadhel reaffirmed Kuwait’s commitment to its production quota with a view to ensuring equilibrium of the global oil market and protecting the interests of producers and consumers alike. He took part in three minister-level meetings held as part of the 177th OPEC conference in addition to several bilateral meetings held on the fringes of the conference.

Meanwhile, UAE Minister of Energy and Industry Suhail Al-Mazroui said that the commitment of the major producers in the Gulf region contributes to the fruitful results that came out of the OPEC meetings regarding the agreement to further reduce oil production. In a statement to KUNA, Mazroui praised the role of the Kuwaiti Oil Minister Fadhel and Saudi Energy Minister Prince Abdulaziz bin Salman for their support of the agreement to reduce production by 500,000 barrels per day. He pointed out that the UAE, Saudi Arabia and Kuwait were the leaders and supporters of this alliance that contributed to this new result, which is a special achievement.

Mazroui stressed that the Arab Gulf countries are keen on OPEC cooperation with OPEC Plus countries (outside OPEC) with the aim of enhancing the balance of the petroleum market. OPEC members and partners, including Russia, agreed Friday to further reduce their oil production by 500,000 barrels a day to support crude oil prices, as the ceiling will reduce production to 1.7 million barrels per day for the group, which includes 24 countries, starting January 1. – KUNA

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