- Home
- Middle East
- Kuwait
- UAE, Saudi Arabia, Kuwait, Bahrain, Oman, Iraq re-affirm full compliance to OPEC+ deal
UAE, Saudi Arabia, Kuwait, Bahrain, Oman, Iraq Re-affirm Full Compliance To OPEC+ Deal
Umer Jamshaid Published August 08, 2020 | 12:00 AM
ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 08th Aug, 2020) The current developments and future prospects of the global oil markets were deliberated today by the oil ministers of the UAE, Saudi Arabia, Kuwait, Bahrain, Oman and Iraq.
This came in a conference call where the Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, Suhail bin Mohammed Al Mazrouei, Cabinet Member and Minister of Energy and Infrastructure, Kuwaiti Oil Minister, Dr Khaled Ali Al-Fadhel, Bahraini Oil Minister Sheikh Mohammed bin Khalifa bin Ahmed Al Khalifa, Omani Oil and Gas Minister, Mohammed bin Hamad Al Rumhi, and Iraqi Minister of Oil, Ihsan Abdul Jabbar Ismail, reviewed the continued recovery in global demand and progress made towards implementing the OPEC+ agreement.
At the end of the phone call, the six ministers issued a joint statement where they said the positive signs of improvement shown recently in the global economy are "very encouraging".
Hailing the efforts made by all countries of the world to re-open their economies in a safe manner, the six ministers reaffirmed their full commitment to the OPEC+ deal on curbing oil production in order to further speed up the oil market's rebalancing.
They've agreed that the members who made limited progress on compliance during the months of May, June, and July would further deepen their cuts to make up for it.
The six ministers reiterated their thanks to the Iraqi Minister of Oil for his country's cooperation and efforts in rebalancing the oil market, reaffirming the significant role played by Iraq in ensuring the success of the OPEC+ deal.
"Full compliance to the OPEC + deal, including making up for the limited progress on adherence, would speed up the recovery of the global oil market to the best interest of oil consumers and producers alike, the energy industry and the world economy," concluded the statement.
Related Topics
Recent Stories
Robinson, bowlers help New Zealand go 2-1 up against Pakistan
Shahzeb Chachar to hold khuli kachehri on April 26
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
Tourism must change, mayor says as Venice launches entry fee
Court adjourns Judicial Complex attack case till May 17
Nasreen Noori’s book ‘Popatan Jahra Khwab’ launched
Wafaqi Mohtasib inspection team visits Excise and taxation office
AJLAC announces 5th Conference titled ‘People’s Mandate: Safeguarding Civil ..
Pak-US officials engage to enhance trade, investment ties
IBCC to promote educational excellence, expand regional presence
Pakistani 'Blue Helmets' serving UN Peacekeeping Mission in DR Congo set to leav ..
Putin says plans to visit China in May
More Stories From Middle East
-
UAE announces ‘Zero Bureaucracy Program’ to reduce bureaucracy
3 months ago -
COP28 President-Designate welcomes Transitional Committee agreement to operationalise Loss and Damag ..
6 months ago -
Global Media Congress 2023 to feature Co-Production Majlis as a new networking platform
6 months ago -
Young female athletes shine at Abu Dhabi World Youth Jiu-Jitsu Championship
6 months ago -
King of Jordan receives Abdullah bin Zayed and ministers participating in Arab coordination meeting
6 months ago -
Abdullah bin Zayed participates in coordination meeting of Arab foreign ministers, joint meeting wit ..
6 months ago
-
3rd annual conference of Emirates Society of Clinical Microbiology kicks off in Dubai
6 months ago -
SIBF 2023 hosts Nobel laureate to discuss emergence of ‘Afrofuturism’ in global discourse
6 months ago -
ALC announces winners of Kanz Al Jeel Award 2023
6 months ago -
SIBF turns spotlight on remarkable contributions of women
6 months ago -
Global assets in spot bitcoin ETFs hit $4.16 billion
6 months ago -
Rescuers struggle to find Nepal quake survivors as deaths reach 157
6 months ago