OPEC Secretary General meets with Emir of Kuwait, Kuwaiti Officials
His Highness Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, the Emir of State of Kuwait, on November 6 met with His Excellency Mohammad Sanusi Barkindo, Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) in Bayan Palace, Kuwait City.
HH Sheikh Sabah reaffirmed Kuwait’s longstanding belief in the role of OPEC in helping the oil market maintain stability on a sustainable basis for the benefit of producers and consumers alike. He further pledged Kuwait's continued support to the Organization in the pursuit of its noble and statutory objectives.
The Emir in acknowledging the current market challenges that have taken too long to overcome offered to intervene at a higher political level if needs be. He further stressed the necessity of oil to be depoliticized, and OPEC insulated from geopolitics.
The Emir noted with concern the sharp contraction in investments in the oil industry during this severe cycle. He agreed with the Secretary General that OPEC Member Countries in particular and other stakeholders should resume investing, especially in the upstream to secure future supplies. The Secretary General, in this regard, commended the Kuwait Government in its plans through the Kuwait Oil Company (KOC), focused on the upstream, to invest $50 billion to the year 2020.
HH Sheikh Sabah expressed his confidence in the Secretary General as the right choice, at the right time for OPEC and the global oil industry, and also acknowledged the important work OPEC is undertaking with other producers in order to bring forward the long-delayed market rebalancing process.
The Secretary General in turn thanked HH Sheikh Sabah for his warm hospitality, and Kuwait's constructive leadership role as a founder Member of OPEC. The Secretary General stressed that he would continue to work with all Member Countries in collectively protecting and defending the interest of the Organization, as well as develop a structured and sustainable relationship with nonOPEC producers in accordance with OPEC Conference decisions.
The Secretary General congratulated the Emir, the Government, and the people of Kuwait on the 25th anniversary of the extinguishing of the fires at the oil wells. He applauded the heroic efforts of the professional Kuwaiti team in collaboration with the international community to jointly extinguish these fires in record time in 1991 and put behind it this dark chapter in its recent history. The Secretary General singled out the brave and patriotic role of Ms. Sara Akbar, the only female
member of the team.
HE Barkindo also met Kuwait's Prime Minister, His Highness Sheikh Jaber Al-Mubarak Al-Sabah in the Bayan Palace, with HE Anas Khaled Al-Saleh, Deputy Prime Minister, Minister of Finance, Acting Oil Minister and Chairman of the Kuwait Petroleum Corporation in attendance.
The Prime Minister welcomed the Secretary General to Kuwait and offered his best wishes for a successful term of office. The Prime Minister informed HE Barkindo that the government has been following oil market developments with keen interest, including the bilateral and multilateral consultations being conducted to build a consensus in the implementation of the Algiers Accord. He reiterated Kuwait's commitment to the implementation of the Accord and urged all OPEC Member Countries to coalesce around an effective agreement.
Earlier on November 6, the Secretary General met the Acting Oil Minister HE Anas Khaled Al-Saleh in his office, where they jointly reviewed current oil market developments since the Algiers Accord and the status of the ongoing consultations ahead of the OPEC Ministerial Conference on November 30 in Vienna.
The Minister reaffirmed the efficacy of the informal consultations in forging a common understanding among OPEC Member Countries as well as other producers to jointly restore balance in the market.
On Saturday (November 5), HE Barkindo also paid an official visit to KOC's Ahmad Al-Jaber Oil and Gas Exhibition Center. He was given a guided tour of the Center by Mr. Jamal Jaafar, Chief Executive Officer of KOC, and was accompanied by Ms. Nawal Al-Fezaia, Kuwait's Governor for OPEC.