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KUWAIT – Kuwait's commitment to implement a production reduction agreement between member states of the Organization of the Petroleum Exporting Countries (OPEC) reached about 160 percent last July, said Monday the Minister of Petroleum, Khalid al-Fadhil.
Fadil said in a press release that from a technical point of view specifically related to the performance indicators of oil markets, up to now, despite the recent drop in prices, oil markets are still mainly supported by an unprecedented commitment in the implementation of the Agreement of reduction of the production between the countries (OPEC).
He stressed that Kuwait continues to play its full role in the success of this historic agreement and restore the stability of world oil markets.
Al-Fadhil said performance indicators for international oil markets are still almost stable and global demand for oil is acceptable and is expected to recover in the coming months, despite recent declines in oil prices and oil prices. overestimation of global economic concerns that negatively affect the stability of oil markets.
Regarding the main technical indicators to measure the performance of oil markets, Al-Fadhil said that the surplus of oil stocks remains stable and is gradually decreasing, as well as several other positive factors, notably that the demand for oil is increasing. during the second half of the year due to the end of the refinery's periodic maintenance period. The world will also enter many new refineries in Asia and the Middle East by the fourth quarter of this year.
He highlighted the global oil shortage in many countries (OPEC) as well as the constraints on marine production in the Gulf of Mexico in July due to Hurricane Barry and the many expectations of growth in oil production. shale recently.
He pointed out that the slowdown in global economic growth has raised many concerns recently, which have cast a shadow over global stock markets and thus international oil markets, expressing his optimism about the improving market conditions. in the next few months.
The IMF released its forecast for global economic growth last month at 3.2 percent in 2019 and 3.5 percent in 2020, he said.
He added that these projections reflected the concerns of global trade issues, and although they were down 0.1% from the previous forecast released in April, they still were seen as good growth levels and in line with expectations. at the growth rates of the global economy of the last ten years.
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