Arab nations commit to voluntary oil production adjustments amidst global energy transition
A 3D-printed oil pump jack is seen in front of the OPEC logo in this illustration picture
In an attempt to maintain stability in global oil markets, six Arab nations - Bahrain, Iraq, Kuwait, Oman, Saudi Arabia, and the United Arab Emirates - have reaffirmed their commitment to "collective and individual voluntary adjustments" to oil production, according to a report from Reuters.
This pledge comes as these oil-producing nations emphasize their support for market stability and cooperative efforts within the OPEC+ framework.
The oil ministers of these six countries convened on the sidelines of the U.N. MENA climate week event held in Riyadh on Sunday. As reported by the Saudi state news agency SPA, they reiterated their readiness to take additional measures when necessary, building on the cohesion of the OPEC+ group, which includes OPEC nations and non-OPEC allies like Russia.
The commitment to voluntary oil production adjustments aligns with the Declaration of Cooperation (DoC) countries' ongoing efforts to bolster market stability. Notably, OPEC+ had previously agreed in June to extend voluntary oil cuts initiated in April, extending them until the end of 2024. In the case of Saudi Arabia and Russia, additional voluntary cuts are set to continue until the end of 2023, subject to monthly reviews.
Last week, during a meeting of the Organisation of the Petroleum Exporting Countries (OPEC) and its allies, there were no changes to the group's oil output policy. Saudi Arabia and Russia reaffirmed their intention to maintain voluntary supply cuts, demonstrating their commitment to supporting the market.
According to a report by Mint, at the U.N. MENA climate week event, the importance of the oil and gas industry in facilitating an orderly energy transition was emphasised. UAE Energy Minister Suhail al-Mazrouei highlighted the role of major hydrocarbon producers in ensuring a responsible and reasonably priced energy transition. Saudi Energy Minister Prince Abdulaziz bin Salman echoed this sentiment, underscoring the continuing need for hydrocarbons in the world.
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The United Arab Emirates will host the COP28 climate summit, scheduled to be held in Dubai from November 30 to December 12.
(With inputs from Reuters)
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