2023-07-06 08:49:00
Thursday, July 6, 2023 – 12:49 PM
VIENNA, 6th July, 2020 (WAM) — Kuwaiti Deputy Prime Minister, Minister of Oil and Minister of State for Economic Affairs and Investment, Saad Al-Barrak, confirmed that the Organization of Petroleum Exporting Countries (OPEC) plays a vital role in stabilizing the global oil market.
He said, in statements to the Emirates News Agency, WAM, on the sidelines of the activities of the eighth international OPEC conference, which kicked off yesterday in the Austrian capital, Vienna, that Kuwait aims to increase its oil production capacity to 3.2 million barrels per day by the end of 2024, and that it plays a positive role in supporting OPEC and building consensus and cooperation with the countries of the Organization and its customers around the world, in a way that contributes to the stability, stability and development of the market.
He added that oil and its derivatives are a basic component of the Kuwaiti economy, as his country aims, within its strategic plan, to invest more than $300 billion in the energy sector by the year 2040, indicating that global investment in the energy sector is witnessing large gaps that must be dealt with so that crises do not occur that negatively affect the markets. and the global economy.
Regarding the UAE’s hosting of the Conference of the Parties “COP 28” by the end of this year and the role that Kuwait can play in the success of this event, Al-Barrak said: “We are ready to cooperate with the brothers in the UAE to make the most important climate and environmental event hosted by the region a success, as the success of the conference is the culmination of the climate action process.” International cooperation and joint action to protect the planet.
He affirmed his country’s commitment to achieving net zero carbon emissions by the year 2050, noting that Kuwait aims to invest in alternative and environmentally friendly energy, which would enhance its position as a global energy center.
Ahmed Al Nuaimi / Ibrahim Nuseirat
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