Kuwait oil minister underlines need for coordination among producers

KUWAIT CITY, Aug 3, (KUNA): Kuwait’s Deputy Prime Minister, Oil Minister and Minister of State for Cabinet Affairs Dr. Mohammad Al-Faris underscored on Wednesday the need for cooperation and coordination among all producers to face any challenges or impacts on the supply of oil markets.

This was in a press statement issued by the Ministry of Oil after Al-Faris headed the delegation of Kuwait to the 43rd meeting of the Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum Exporting Countries and allies including Russia (OPEC+), along with the 31st ministerial meeting of OPEC+, which were held via videoconference.

OPEC+ will enter a new phase of cooperation to effectively manage the oil markets and play a greater role during the upcoming period, he said.

He expressed his sincere condolences over the death of the Former Secretary General of OPEC Mohammad Barkindo, noting his time over the past years in leading the organization and the efforts he made in bringing the views of member states closer.

He congratulated the Secretary General of OPEC

Haitham Al-Ghais, who assumed his duties yesterday, wishing him success on the upcoming period in supporting and encouraging cooperation among member states, as well as unifying efforts to create more stability in the oil markets.

He commended the role of OPEC+ in contributing to the stability of markets and the security of supply effectively, stressing that OPEC+ is a major element in the market that must be preserved for the benefit of all.

Al-Faris reiterated Kuwait’s full commitment to the agreed production quotas, commending the OPEC+ decision to increase supplies on September by 100,000 barrels per day, becoming a positive indicator of market support, as Kuwait’s share for September will be at 2.818 million bpd.

The Kuwaiti delegation to the two meetings included the OPEC Governor Mohammad Al-Shatti and the National Representative of Kuwait to OPEC Sheikh Abdullah Sabah Salem Hamoud Al-Sabah.

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KUWAIT CITY: State of Kuwait exported the first shipment of low-sulfur, low-aromatic gasoline (car fuel) which meets international environment standards, Kuwait National Petroleum Company (KNPC) announced Wednesday.

The 35,000-ton shipment, produced at Mina Al-Ahmadi Refinery, was exported in cooperation and coordination with Kuwait Petroleum Corporation’s (KPC) International Marketing sector, KNPC’s Deputy CEO for Administrative and Commercial Affairs and Official Spokesman Ahed Al-Khurayif told KUNA.

KNPC’s Clean Fuel Project helps produce environmental-friendly fuel, he added, and the company succeeded in meeting local market’s demands and exported excess production.

There is a growing international demand for car fuel due to recent global crises, said Al-Khurayif, prompting KPC’s International Marketing to seek new markets in Southeast Asia and Europe, generating other sources of income that contributed to national economy.

KNPC, noted Al-Khurayif, succeeded in overcoming many obstacles and challenges related to safe operation of Clean Fuel Project, which would boost Kuwait’s regional and international position in clean energy.