Saudi Arabia Confirms Commitment to OPEC+ for Stable Oil Markets
The Saudi Arabian Cabinet reiterated the Kingdom’s determination to enhance the precautionary measures put in place by the OPEC+ group to maintain the stability and balance of the oil markets. This move underlines Saudi Arabia’s voluntary decision to extend its one-million-barrel-per-day production cut, starting in July and potentially extending into August.
Saudi Minister of Information, Salman bin Yusuf Al-Dosari, made this announcement during a council session at the Al-Salam Palace in Jeddah. The meeting was chaired by King Salman bin Abdulaziz, who expressed gratitude to all participating entities for their efforts during the Hajj season of 1444 AH, embodying their dedication to this great duty that honors the Kingdom’s leadership and people.
The council was also updated on the outcomes of the official visit made by Crown Prince Mohammed bin Salman bin Abdulaziz, Deputy Prime Minister of Saudi Arabia, to France. The Prince met with French President Emmanuel Macron, where they reviewed historical and strategic relationships between the two nations, and discussed ways to enhance them across all sectors in the mutual interest of both countries.
The council acknowledged the joint statement issued by Saudi Arabia and France, which included mutual cooperation in the field of energy. Both nations emphasize the importance of implementing the United Nations Framework Convention on Climate Change and the Paris Agreement in alignment with their respective principles, goals, and objectives.
The Saudi Cabinet also reviewed the outcome of the 6th ministerial meeting of the Strategic Dialogue between the Gulf Cooperation Council and Russia, which took place in Moscow. The meeting resulted in the adoption of a joint action plan for the period 2023 to 2028 and coordinated discussions on various current political issues at regional and international levels.
The Council approved the delegation of several ministers to negotiate with their counterparts from other countries concerning memoranda of understanding in several areas. In addition, they agreed on the Kingdom’s accession to the Treaty of Amity and Cooperation in Southeast Asia and its protocols.
