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 within its announced strategic plans to continue playing an enhanced role within the world as a secure source of energy and calls on the world to invest in all kinds of energy to ensure that the world’s growing needs are met.
This came in a speech delivered by Al-Hajeri before the ceremony hosted by the capital, Baghdad, on the 63rd anniversary of OPEC’s founding.
The minister is honored to represent Kuwait, one of the five founding countries of OPEC, expressing gratitude to Iraq for hosting this historic event in Al-Shaab Hall, the site of OPEC’s founding.
It is remembered that the five founding countries met in Al-Shaab Hall to establish OPEC between September 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 the global oil markets, and is keen to strengthen cooperation frameworks with other producers, dialogue with all influential groups of stakeholders in the industry, and grip concerns such as sustainable development, preserving the environment, energy scarcity and other challenges, he 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 DoC, OPEC is working with 10 non-OPEC producing countries in order to maintain the stability of oil markets, he 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 humans and the environment, he pointed out.
He 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.