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Kuwait – Mubasher: Kuwait's commitment to implement the production reduction agreement reached between members of the Organization of the Petroleum Exporting Countries (OPEC) has reached about 160 % last July.
Dr. Khalid Al-Fadhil said Monday that, despite the recent decline in oil prices, global oil markets are still mainly supported by an unprecedented commitment to implement the OPEC agreement.
Al-Fadhel said Kuwait would continue to fully respect its commitments to make this historic agreement a success and restore the stability of global oil markets..
He pointed out that performance indicators for world oil markets are still almost stable and that global demand for oil is acceptable.
He stressed that the country should recover in the coming months, despite the recent decline in oil prices, stressing at the same time that the overestimation of global economic concerns negatively affected the stability of oil markets..
Al-Fadhil said the surplus of oil reserves remains stable and that he is heading towards a more gradual decline globally, stressing that there are several other positive factors, the most important of which is that the demand for oil is increasing in the second half of this year, due to the end of the maintenance season. Periodic refineries around the world, as well as many new refineries in Asia and the Middle East by the fourth quarter of this year.
According to the Kuwaiti Minister of Petroleum, there is a global oil shortage (OPEC) in the world, as well as shipping production constraints in the Gulf of Mexico in July due to Hurricane Bari, as well as many expectations of recent shale oil production.
He pointed out that the slowdown in global economic growth has recently raised many concerns, which have clouded the global stock markets, and thus the international oil stock markets, expressing their optimism about the improving market conditions in the next few months..
He noted that the International Monetary Fund (IMF) had released its global economic growth forecast last month, at 3.2 percent for 2019 and 3.5 percent for 2020.
He added that these forecasts reflected the concerns of global trade problems: although they were down 0.1% from the April forecast, they are still considered good growth levels. and are consistent with the growth rates of the global economy over the last ten years..
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