Kuwait’s Deputy Prime Minister and Oil Minister Dr. Saad Al- Barrak has said that Kuwait has invested more than USD 300 billion in energy for the long term (until 2040). The world currently needs annual investments worth USD 500 billion in the energy field, the minister suggested in remarks to KUNA and KTV on the fringes of OPEC talks in Vienna. In 2022, it only invested USD 300 billion leaving an over 40 percent gap, thus creating difficulties in the global energy market. He urged a greater increase in the volume of these investments to protect from price fluctuations and to achieve stability in the global economy.Speaking about the OPEC International Seminar, themed “Towards a Sustainable and Inclusive Energy Transition,” which he attended, the minister said it enriched discussion and views, particularly in relation to the dialogue between producers and consumers. He went on to highlight the role played by Kuwait in the field of energy since OPEC’s founding in 1960, as a founding member which has contributed significantly to the strengthening of stability across global markets. Kuwait and other OPEC member states have made many sacrifices to control and determine production levels according to market needs and to prevent price fluctuations in order to serve the interests of oil-producing and consuming countries, he added. (ICE KUWAIT)

Fonte notizia: ARAB TIMES