Kuwait has pledged its support to OPEC member countries in their efforts to re-establish stability on the international oil market in the wake of a sharp drop in demand caused by the coronavirus pandemic, the state-run KUNA news agency reported on Monday, citing Oil Minister Khaled Al-Fadhel
MOSCOW (Pakistan Point News / Sputnik - 19th October, 2020) Kuwait has pledged its support to OPEC member countries in their efforts to re-establish stability on the international oil market in the wake of a sharp drop in demand caused by the coronavirus pandemic, the state-run KUNA news agency reported on Monday, citing Oil Minister Khaled Al-Fadhel.
Al-Fadhel, who also serves as Acting Minister of Electricity and Water, made the statement ahead of a virtual meeting of the OPEC Joint Ministerial Monitoring Committee (JMMC), scheduled to take place later on Monday.
According to the report, the Kuwaiti minister has high expectations from the meeting and hopes that it will result in a continuous cooperation between OPEC members and non-cartel producers, known together as the OPEC+ alliance.
The upcoming JMMC meeting will discuss the progress of collective oil output cuts, agreed by OPEC+ in April. Such meetings are held monthly so the alliance can monitor members' compliance with agreed quotas.
Under the current OPEC+ deal, the signatories committed to cutting production by 23 percent in May-June, then by 18 percent from July to December, and by 14 percent thereafter until April 2022, with the baseline level set on October 2018 production level. Russia, Saudi Arabia and Mexico were each assigned a special production quota.
