Six Gulf countries, namely Saudi Arabia, the UAE, Iraq, Kuwait, Oman, and Bahrain, have reemphasized their pledge towards “voluntary collective and individual production adjustments” of oil, according to a statement released by the Saudi Press Agency on Sunday.
The Oil Ministers of the six nations convened on the sidelines of the United Nations-initiated Climate Week events, targeting the Middle East and North Africa region and held in Riyadh.
The statement articulated, “The ministers once again confirmed the readiness of the Declaration of Cooperation countries to take additional measures at any time within the framework of their ongoing efforts to support market stability and build on the strong cohesion of the OPEC+ countries.”
The OPEC+ alliance, which consists of the Organization of the Petroleum Exporting Countries (OPEC) and its non-member allies, led by Russia, agreed in June to extend the voluntary oil cuts, first announced in April, until the end of 2024.
Saudi Arabia and Russia announced additional voluntary cuts that are set to last until the end of 2023. These reductions will be subject to monthly reviews.
OPEC+ ministers did not make any modifications to the group’s oil production policy last Wednesday after Saudi Arabia and Russia declared that they would maintain voluntary supply cuts to buoy the market.
This news is particularly notable in the context of global climate discussions, where nations are grappling with the dual challenges of ensuring energy stability while also transitioning towards more sustainable practices.
