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KUWAIT – Kuwait's commitment to implement an OPEC agreement to reduce production reached about 160 percent in July, Kuwait's Minister of Petroleum Khalid al-Fadhil said on Monday.
Fadil said in a press release that technically related to the performance indicators of the oil markets, up to now, despite the recent decline in prices, oil markets are still mainly supported by an unprecedented commitment in the implementation of the production reduction agreement of the OPEC countries.
The Kuwaiti Minister of Petroleum stressed that Kuwait will continue to fully respect its commitments to make this historic agreement a success and restore the stability of world oil markets, said KUNA.
Al-Fadhel pointed out that the performance indicators of world oil markets are still almost stable and that global demand for oil is acceptable and that it should recover in the coming months despite the recent decline in oil prices and that overestimation of global economic concerns negatively affects the stability of oil markets.
Regarding the most important technical indicators to measure the performance of oil markets, Fadil said the surplus of oil stocks remained stable and would gradually decline, along with several other positive factors, the most important of which is that oil demand increases in the second half due to the end of the periodic maintenance period. Refineries around the world and several new refineries will enter service in Asia and the Middle East by the fourth quarter of this year.
The Kuwaiti Minister of Petroleum noted that the recent slowdown in global economic growth has raised many concerns and has overshadowed global stock exchanges and therefore global stock markets. He expressed his optimism about the improvement of the market situation over the next few months.
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