Saudi Gazette report

RIYADH — Oil ministers of Saudi Arabia, the United Arab Emirates, Kuwait, Bahrain, Oman, and Iraq on Friday reviewed the recent developments in oil markets, the continued recovery in the global economy and oil demand, and the progress made in rebalancing the oil market during a conference call.

The call was attended by Saudi Arabia’s Energy Minister Prince Abdulaziz Bin Salman; UAE’s Minister of Energy and infrastructure Suhail Mohamed Al Mazrouei; Kuwait’s Oil Minister Khaled Ali Al Fadhel; Bahrain’s Oil Minister Sheikh Mohammed Bin Khalifa Al Khalifa; Oman’s Energy Minister Mohammed Bin Hamad Al Rumhy and Iraq’s Oil Minister Ihsan Abdul Jabbar Ismail.

At the end of the call they issued the following statement:

“The ministers are very encouraged by the recent signs of improvement in the global economy and commend the efforts taken by countries all over the globe to reopen their economies in a safe way,” the statement said.

“The ministers reaffirmed their full commitment to the OPEC+ agreement. They emphasized the importance for all OPEC+ countries to meet their production targets in order to accelerate the rebalancing of the global oil market, and for those who overproduced in May, June and July to compensate those volumes.”

“The ministers expressed their thanks and appreciation to the Iraqi oil minister for his great efforts and cooperation to achieve the balancing of the oil market, while stressing Iraq’s importance to the success of the OPEC+ agreement, the statement added.

“The ministers stressed, again, that full commitment to the OPEC+ agreement and the compensation mechanism will accelerate the recovery of the global oil market to the benefit of oil producers, consumers, the energy industry and the wider global economy,” the statement concluded.

Earlier in the day, Saudi Arabia and Iraq reaffirmed their full commitment to the OPEC+ agreement.