KUWAIT CITY, April 6: Minister of Oil, Tareq Al-Roumi, affirmed on Saturday that strong cooperation among OPEC+ member states is essential to achieving sustainable stability that ensures balance and supports global economic growth.

Al-Roumi made these remarks in a statement issued by the Ministry of Oil after leading the Kuwaiti delegation at the 59th meeting of the Joint Ministerial Monitoring Committee (JMMC), which was held via videoconference.

During the meeting, Al-Roumi explained that the committee discussed the latest developments in the global oil markets, particularly in light of commercial, economic, and geopolitical challenges. These issues, he said, necessitate greater caution and vigilance to maintain market balance and ensure supply security.

The committee also reviewed crude oil production data from recent months, highlighting the positive impact of the additional voluntary production adjustments made by eight OPEC+ member states. These adjustments, announced in April and November 2023, were aimed at supporting market stability.

Al-Roumi pointed out that the committee addressed countries that have not fully complied with production targets and compensation plans. He stressed the critical importance of achieving full conformity and compensation, with an updated compensation plan to be submitted to the OPEC Secretariat by April 15.

He further emphasized the importance of these periodic OPEC+ meetings in monitoring market developments and responding quickly to urgent challenges. Al-Roumi reiterated Kuwait's commitment to maintaining its production level according to the approved compensation plan and reaffirmed the country’s continued responsible role in supporting initiatives that promote market stability and sustainable development.

The Kuwaiti delegation at the meeting included, in addition to Minister Al-Roumi, Kuwait’s Governor to OPEC, Mohammed Al-Shatti, and the National Representative of the State of Kuwait to OPEC, Sheikh Abdullah Sabah Salem Al-Humoud Al-Sabah.