Kuwait's delegation holds talks with Russian oil firms in Mo...| MENAFN.COM

Tuesday, 09 August 2022 04:51 GMT

Kuwait's delegation holds talks with Russian oil firms in Moscow


(MENAFN- Kuwait News Agency (KUNA)) MOSCOW, Oct 5 (KUNA) -- A visiting Kuwaiti delegation has held talks with representatives of some Russian oil companies on the sidelines of the "Russian Energy Week 2017" in Moscow.

The talks focused on promoting bilateral cooperation in the oil and gas industry, marketing research director at Kuwait Petroleum Corporation (KPC) Salim Al-Ghis told KUNA on Thursday.

He added that Kuwait's participation in the annual event, upon an invitation from Russia's Oil Minister Alexander Valentinovich Novak to Kuwaiti counterpart, Essam Al-Marzouq, aims to bolster ties with the oil exporting countries, as well as the member states of the Organization of the Petroleum Exporting Countries (OPEC).

Russian President Vladimir Putin on Wednesday opened the Russian Energy Week 2017", attended by a multitude of representatives of the federal and regional government authorities, national and foreign companies that work in the industry, the scientific and expert community, and young people as well as roughly 1,000 media representatives will take part in the forum.

Al-Ghis referred to the positive echo among participants in the conference of the agreement between the OPEC and non-OPEC producers to cut production and restore stability to the world's oil markets.

The rate of commitment to the agreement has hit 116 percent, he said.

OPEC and non-OPEC reached an the "Declaration of Cooperation" on December 2016 to implement production adjustments effective as of 1 January 2017 for a six-month period, then it was extended till 31 March 2018.

Kuwait is the chair of the Joint Ministerial Monitoring Committee (JMMC) of the agreement. (end) as.msa


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