RIYADH: Saudi ministers have backed OPEC+ agreement to stabilize oil markets, Arab media reported on Tuesday.
According to Arab News, OPEC+, announced on Sunday to limit oil production in 2024. The Kingdom of Saudi Arabia (KSA) announced that it would extend its voluntary cut of 500,000 bpd until the end of Dec 2024, in cooperation with some nations participating in the OPEC+ deal.
Saudi Cabinet Backs OPEC+ Agreement
As per the new agreement, the Kingdom’s production becomes nine million bpd, while its total voluntary oil cut will be 1.5 million bpd in July.
Saudi Energy Minister Prince Abdulaziz bin Salman stressed the need to “trust OPEC+” which working to restore oil market stability.
“So taking a protective step tends to put you on the safe side. OPEC is being proactive, being preemptive,” the Energy Minister said.
In other business, ministers at cabinet meeting, presided over by Saudi Crown Prince Mohammed bin Salman in Jeddah, said the successful mission to the International Space Station displays the Kingdom’s strengthening role in space technologies.
The space mission also comes as an extension of Riyadh’s efforts to empower citizens, protect the planet, and shape new prospects through research, science, and innovations, the Saudi Press Agency said.
The officials reiterated what the Saudi Arabia’s commitment, during the BRICS meeting to continue working with global partners to achieve the sustainable development goals by 2030, and to intensify global efforts to enhance further food and energy security.
