Brussels: Kuwait will continue playing a leading and responsible role in supporting initiatives aimed at enhancing oil market stability, said Kuwaiti Minister of Oil Tareq Al-Roumi Saturday. This came in the 59th meeting of the Joint Ministerial Committee for Production Control (JMMC), which was held via video conference on Saturday, the ministry of oil stated in a press release.
According to Kuwait News Agency, Al-Roumi emphasized Kuwait's commitment to contributing to achieving common goals and promoting sustainable development through its leadership in the oil market. The minister affirmed that the meeting discussed the latest developments in the global oil markets in light of trade and economic challenges, as well as geopolitical tensions, which necessitate increased caution and vigilance to maintain market balance and security of supplies.
He also stressed the importance of close cooperation among OPEC member states as a means to achieve sustainable stability that ensures balance and supports global economic growth. The committee reviewed crude oil production data over the past months and acknowledged the additional voluntary adjustments in production made by the eight OPEC Plus member countries, announced in April and November 2023, to support market stability.