Kuwait working to be a secure source of energy

BAGHDAD: Kuwaiti Minister of Finance, Minister of State for Economic Affairs and Investment and Acting Minister of Oil Manaf Al-Hajeri said Friday that Kuwait is investing and working as part of its declared strategic plans to continue playing an enhanced role in the world as a secure source of energy and calls on the world to invest in all kinds of energy to ensure the world’s growing needs are met. This came in a speech delivered by Hajeri at a ceremony hosted by Baghdad on the 63rd anniversary of OPEC’s founding.

The minister was honored to represent Kuwait, one of the five founding countries of OPEC, expressing gratitude to Iraq for hosting this historic event at Al-Shaab Hall, where the five founding countries met to establish OPEC between Sept 10-14 in 1960, he said. OPEC confirms, through its main objectives and in accordance with its basic system and long-term strategy, its commitment to the security and stability of global oil markets, and is keen to strengthen cooperation frameworks with other producers, dialogue with all influential groups of stakeholders in the industry, and address concerns such as sustainable development, preserving the environment, energy scarcity and other challenges, Hajeri added.

The signing of the historic and unprecedented Declaration of Cooperation (DoC) in 2016 resulted in effectively supporting stability in the global oil market, where according to the DoC, OPEC is working with 10 non-OPEC producing countries to maintain the stability of oil markets, Hajeri mentioned. The challenges of the future will enhance the role of OPEC to ensure a smooth and balanced transition of energy that supports the global economy and industry and is in the interest of people and the environment, he pointed out.

BAGHDAD: A handout picture released by Iraq’s Prime Minister’s Media Office shows Prime Minister Mohamed Shia al-Sudani (C) delivering a statement during the celebration of OPEC’s 60th anniversary in Baghdad on June 16, 2023. – AFP

Hajeri concluded by saying that cooperation and dialogue have played an effective role in OPEC’s work for over six decades, and undoubtedly this role will continue in the future for the benefit of producers, consumers, investors and the global economy as a whole. Saudi Energy Minister Prince Abdulaziz bin Salman Al-Saud said the OPEC and OPEC+ alliance succeeded in achieving a stable oil price that will benefit member states and oil industry in general. OPEC achieved the purpose of its founding and enhanced its march through the Saudi proposal on founding the OPEC+ alliance, which helped the organization achieve its aims, he said.

Both OPEC and OPEC+ have succeeded in achieving stability in markets, thanks to consensus amongst, and interest of, all OPEC member states amid current conditions, economic fluctuations and uncertainty facing the world, he elaborated. Prince Abdulaziz lauded the results of the OPEC meeting in Vienna, stressing that its outcomes supported member states and assured oil investors.

Meanwhile, OPEC Secretary General Haitham Al-Ghais said the organization played a pivotal role in maintaining stability and balance in energy markets across the world. Speaking at celebration, Ghais indicated the historic agreement on establishing the organization in 1960 contributed to maintaining the sovereign right of the five constituent countries to their natural wealth, mainly oil, and drawing up a new global path, which benefited all oil-producing countries.

Therefore, the organization grew to reach its current position as a vital and effective member in the international energy sector, he stated. Consequently, the number of members rose to 13 that follow the same principles on which the bloc was founded, including cooperation, dialogue and mutual respect, he clarified. OPEC will continue playing its pivotal role in energy markets to maintain their balance and stability for the generations of today and future, Ghais concluded. – KUNA

The post Kuwait working to be a secure source of energy appeared first on Kuwait Times.

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