Kuwait, OPEC’s main producer, will see a leadership replacement in the most sensitive circle of relatives of its ruler after the death of its 91-year-old emir, Sheikh Sabah Al-Ahmad Al-Sabah.
His death, announced on September 29 through Kuwait’s official news agency, is expected to hand over the leadership to his heir and half-brother, Sheikh Nawaf al-Ahmed al-Sabah. The Kuwaiti leader appoints the members of the Supreme Petroleum Council, which governs oil policy.
As a founding member of OPEC, Kuwait remains a leading global manufacturer and one of the most respectful participants in the group’s market control strategy with Russia. Sheikhdom produced 2. 29 million bpd of basically heavy and medium acid crude oil in August, according to the latest S survey
On an OPEC website, Secretary-General Mohammed Barkindo said the defeated emir was “a strong supporter of OPEC” and under pressure the role he played in facilitating the 2016 declaration of cooperation, which underpins the manufacturers’ group’s existing market control strategy.
Most of the country’s oil, announced as Kuwait Export Crude, goes to consumers in China, Japan, South Korea and India.
In one of his last primary diplomatic achievements as leader, Sheikh Sabah agreed to restart the so-called impartial zone with Saudi Arabia, a region shared with him to produce 500,000 b/d of crude oil.
Before the COVID-19 pandemic hit global markets, production in Kuwait reached a record 3. 15 million b/d in April, driven by the return of production in the unbiased area and higher volumes of its northern heavy oil fields, according to OPEC Platts. Survey. .
Nawaf’s most likely successor, 83, was crown prince and deputy commander of the army of the small Gulf state. Appointed crown prince on 7 February 2006, his rise broke a long-standing culture in Kuwait, which saw the purposes of emir and crown. prince’s exchange between the branches of the Al-Jaber family and Al-Salem.