DOHA: Kuwait Oil Company participated on Wednesday in the International Horticultural Expo 2023 in Doha to showcase its environmental efforts and diversity of productions to maintain natural resources in Kuwait. In a statement for KUNA, Director of the Public Relations and Media Group Mohammad Al-Basry said that the company’s participation comes from its responsibility to highlight the bright side of Kuwait in maintaining the environment and sustainable development.

Al-Basry said the exhibition is a chance to exchange expertise and knowledge in the oil field and to achieve Kuwait’s vision. The exhibition kicked off on Monday under the theme "a green desert and a better environment, with sponsorship by Qatari Amir Tamim bin Hamad Al-Thani. It will proceed until March 2024.

Reviewing oil output

Meanwhile, the committee for monitoring the oil market, an offshoot of OPEC+, is due to hold a virtual meeting later on Wednesday to review crude output.  The ministerial commission, co-chaired by Saudi Arabia and Russia, includes officials and representatives of oil-producing countries from OPEC and non-OPEC states.

Insiders have ruled out the prospect of changing the oil output amid concerns that the supply shortage and demand rise might lead to further price increases—recently hitting $90 pb. The OPEC+ producers agreed in August to extend "the cooperation declaration” until the end of 2024, to hold the ministerial meeting every six months, and to hold a session for the commission every two months for monitoring market conditions.

They had also agreed to call for an extraordinary meeting if warranted. The coalition member countries agreed last June to lower production by 1.4 million barrels per day in 2024. OPEC+ provides 40 percent of the whole global output of crude oil.

Crude oil drop

Meanwhile, Kuwait crude oil lost two dollars during Tuesday’s trading to reach $94.11 per barrel, compared with $96.11 pb the day before, Kuwait Petroleum Corporation (KPC) said Wednesday. Benchmark Brent futures dropped 21 cents to $90.92 pb, and West Texas Intermediate lost 41 cents to $89.23 pb. - KUNA