Saudi Arabia, Oman, United Arab Emirates and three other Arab nations reaffirm their commitment to voluntary adjustments in oil production | spcilvly

Six Arab nations – Bahrain, Iraq, Kuwait, Oman, Saudi Arabia and the United Arab Emirates – have reaffirmed their commitment to making “collective and individual voluntary adjustments” to oil production, according to a report by Reuters he said on Sunday, citing the Saudi state news agency.

“In addition, 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 OPEC plus,” said the Saudi state news agency. SPA he said, according to Reuters report.

Energy ministers from the six Arab nations met on Sunday on the sidelines of the UN MENA Climate Week event in Riyadh.

In June, OPEC (Organization of the Petroleum Exporting Countries) had agreed to extend voluntary oil production cuts first introduced in April until the end of 2024.

Additional voluntary cuts by Saudi Arabia and Russia extend until the end of 2023 and are subject to monthly review.

Last Wednesday, OPEC ministers and their allies made no changes to the group’s oil production policy, after Saudi Arabia and Russia said they would maintain voluntary supply cuts to support the market.

At the UN MENA Climate Week event, OPEC heavyweights said the oil and gas industry had a role to play in an orderly energy transition.

“The three of us here, as major hydrocarbon producers, also have a responsibility to the world to provide the transition with sufficient hydrocarbon resources to ensure that we are transitioning at a responsible price,” said the UAE Energy Minister United, Suhail al-Mazrouei.

Saudi Energy Minister Prince Abdulaziz bin Salman also said the industry should not be stigmatized and that the world still needs hydrocarbons.

“There are reasons for us to be in the oil and gas sector,” he said.

The United Arab Emirates will host the COP28 climate summit taking place in Dubai between November 30 and December 12.

(With contributions from Reuters)

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Updated: October 9, 2023, 01:18 am IST

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