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Kuwait’s oil minister to take part in OPEC meeting in Baku

11 March 2019 19:24 (UTC+04:00)
Kuwait’s oil minister to take part in OPEC meeting in Baku

By Trend

Dr. Khaled Ali Mohammad Al-Fadhel, Minister of Oil and Minister of Electricity and Water of Kuwait, and chairman of Kuwait Petroleum Corporation, will visit Azerbaijan on March 17-18, Kuwait embassy in Baku told Trend.

Leading a Kuwaiti delegation, he will take part in the Joint OPEC and non-OPEC Ministerial Monitoring Committee (JMMC) that will be held in Baku March 18, said the embassy.

The program of the visit hasn’t been disclosed yet, according to the embassy.

It should be noted that Baku will also host the Joint Technical Committee meeting on March 17.

OPEC and its partners decided to extend its production cuts till the end of 2018 in Vienna on November 30, as the oil cartel and its allies step up their attempt to end a three-year supply glut that has savaged crude prices and the global energy industry.

The 5th OPEC and non-OPEC Ministerial Meeting was held in Vienna, Austria, on December 7, 2018.

The meeting participants decided to adjust the overall production by 1.2 million barrels per day, effective as of January 2019 for an initial period of six months. The contributions from OPEC and the voluntary contributions from non-OPEC participating countries of the ‘Declaration of Cooperation’ will correspond to 0.8 million barrels per day (2.5 percent), and 0.4 million barrels per day (2 percent), respectively.

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