Oil Markets Witnessed Remarkable Improvement Due To OPEC+ Deal, Remarks Minister Of Oil
Oil markets have witnessed a remarkable improvement recently due to the historical OPEC+ agreement, said Kuwait’s Oil Minister and Acting Minister of Electricity and Water, Dr. Khaled Al-Fadhil. This came in a statement made by Al-Fadhil to KUNA after his participation online, Saturday, in the Ministerial Meeting No. 179 of the Organization of Petroleum Exporting Countries (OPEC).
The minister indicated that there are positive signs of a relative increase and a gradual improvement in global oil demand during the last period. Al-Fadhil affirmed that Kuwait played a prominent role in reaching this historic agreement, stressing Kuwait’s commitment to reduce its production according to the terms of the agreement, which have a significant impact on the improvement witnessed in the oil markets during the past weeks.
He also expected that the OPEC + meeting will result in continued cooperation among all the signatory countries of this agreement because of the common interest of the countries concerned and the global oil industry in general in order to reflect these positive effects on the global economy. On April 13, the OPEC + group agreed to reduce oil production rates by 9.7 million barrels per day as of May 1 for an initial period of two months ending On June 30, 2020.