|Arab and international|
Economy News _ Baghdad
The Minister of Oil and the Minister of Electricity and Water of Kuwait that the oil market moving at a steady pace towards balance and reduce the surplus, stressing the actual success in achieving a coalition of producers bear responsibility for restoring balance and stability of markets.
Kuwait Petroleum Corporation (KPC) said in a statement on Wednesday that Eng. Bakhit Al-Rashidi explained during his participation in a seminar in the annual Sira Week held in Houston that there is a commitment from all countries to participate in the production reduction agreement led by OPEC and Russia.
The minister pointed out that what has been achieved was in the interest of producers and consumers together, and that the agreement provided an atmosphere to stimulate investment and draw plans and strategies for oil companies and countries.
Referring to the oil market developments in 2018, Al-Rashidi pointed out that OPEC and the Vienna Alliance are seeking common ground for a long-term agreement and continuous cooperation.
Al-Rashidi predicted that the full balance of the market will be achieved by the end of this year, stressing that the work in the Kuwaiti oil sector is running according to efficiency and seeks to reduce costs effectively in the competitive environment, whether in the exploration and exploration or refining sector.
Al-Rashidi's remarks came during the seminar on the cooperation agreement between producers from within and outside OPEC to cut production by 1.8 million barrels per day, which came into effect since January 2017 and will continue through 2018 until the balance of oil markets is achieved.
The seminar was attended by OPEC Secretary General Mohammed Barkindo and Qatari Energy Minister Mohammed Al-Sada, as well as ministers of the Vienna Alliance of Non-OPEC Oil Producers, as well as the Minister of Minerals, Energy and Industry of Equatorial Guinea.
i Oil Minister: Oil market moving at a steady pace towards balance
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