Six Arab nations, including Bahrain, Iraq, Kuwait, Oman, Saudi Arabia, and the United Arab Emirates, have restated their commitment to both collective and individual voluntary adjustments in oil production. This reaffirmation was reported by Reuters, citing the Saudi state news agency.
The Saudi state news agency SPA stated, “Furthermore, the ministers reiterated the willingness of the Declaration of Cooperation (DoC) countries to take additional measures at any time in their continued efforts to support market stability, building on the strong cohesion of the OPEC plus,” as reported by Reuters.
These energy ministers from the six Arab nations convened during the UN MENA climate week event held in Riyadh.
In June, OPEC (Organization of the Petroleum Exporting Countries) had decided to extend voluntary oil production cuts, initially introduced in April, until the end of 2024. Additionally, Saudi Arabia and Russia had committed to additional voluntary cuts, effective until the end of 2023, subject to monthly reviews.
During the recent OPEC and allies meeting, no changes were made to the group’s oil output policy, as Saudi Arabia and Russia had confirmed their intention to maintain voluntary supply cuts to support the market.
At the UN MENA climate week event, key OPEC members emphasized the role of the oil and gas industry in a smooth energy transition. UAE Energy Minister Suhail al-Mazrouei highlighted their responsibility to provide sufficient hydrocarbon resources to support a responsible energy transition. Saudi Energy Minister Prince Abdulaziz bin Salman emphasized that the industry should not face stigmatization, as hydrocarbons are still needed globally.
The UAE is set to host the COP28 climate summit, scheduled to occur in Dubai from November 30 to December 12.
