OPEC Will Offer Nonstop Oil Supply to World Market: Kuwaiti PM

OPEC will offer nonstop oil supply to world market: Kuwaiti PM

KUWAIT CITY, Dec. 12 (Xinhua) — Kuwaiti Prime Minister Sheikh Sabah Al-Ahmad Al-Sabah said on Monday that the Organization of the Petroleum Exporting Countries (OPEC) will take responsibility for nonstop oil supplies to the international market.

“OPEC has critical responsibility to secure nonstop oil supplies to the international market, especially during times of economic, political and natural turmoil in our contemporary world, ” Sheikh Sabah told the opening session of the 138th OPEC ministerial conference.

However, a stabilized oil market is a joint responsibility of producers and consumers, especially “in an age in which countries of the world depend on each other for achieving global prosperity, ” he stressed.

OPEC currently pumps more than 30 million barrels of crude a day with an extra 2 million to meet strong world demand in the winter season, accounting for 26 percent of the global oil output.

With a surging global demand, the 11-member cartel plans to expand oil investment meet forecasts that its production may reach 38 million barrels per day in the future.