SAUDI ARABIA

Saudi Cabinet commends voluntary production cuts to support oil market stability

June 07, 2023
Crown Prince and Prime Minister Mohammed bin Salman chairs the Cabinet session at Al-Salam Palace in Jeddah on Tuesday.
Crown Prince and Prime Minister Mohammed bin Salman chairs the Cabinet session at Al-Salam Palace in Jeddah on Tuesday.

JEDDAH — The Council of Ministers on Tuesday commended the agreement reached at the 35th ministerial meeting of the OPEC+ countries regarding the level of production for 2024 and the voluntary Saudi cuts in precautionary moves aimed at supporting oil market stability and balance.

Crown Prince and Prime Minister Mohammed bin Salman chaired the Cabinet session held at Al-Salam Palace in Jeddah.

The Cabinet was briefed on the recent meeting the Crown Prince held with the president of Venezuela, during which they reviewed bilateral relations and prospects for strengthening cooperation between the two countries in various fields.

The Cabinet was also briefed on the recent talks between Saudi officials and their counterparts in several countries as part of the Kingdom's keenness to strengthen ties of friendship and build bridges of cooperation with the international community in a way that contributes to the development, progress, and prosperity of all countries.

In this regard, the Cabinet reiterated the Kingdom's position during the ministerial meeting of BRICS Friends, held in Cape Town, South Africa, aiming to continue with international partners efforts to achieve the sustainable development goals by 2030, and to spur global endeavors to enhance food and energy security.

The Cabinet stressed that the success of the Saudi astronauts' scientific mission was due to Saudi Arabia's endeavor to boost its role in space and technologies related to it, with a view to empowering mankind, protecting the planet, and opening new possibilities through science, research, and innovation in this field.

The Cabinet underlined the country's desire to boost the level of services provided to citizens. These include ensuring the sustainability of water sources by launching many projects in this vital sector in order to provide high-quality water and efficient supply and services. Part of this effort is the Jubail Desalination Plant Project (3A), the newest and the largest of its kind worldwide.

Minister of Media Salman Al-Dosari said the Cabinet reviewed the comprehensive data provided by the 2022 General Population and Housing Census, which will be a fundamental pillar for planning, development, decision-making, and economic and social policy-making in a way that contributes to achieving the goals of the Saudi Vision 2030 and prepares the country for a better future.

The Cabinet transferred the competencies of designing, constructing, developing, operating, and maintaining dams in all regions of the Kingdom from the Ministry of Environment, Water, and Agriculture to the Saudi Irrigation Organization (SIO).

It also approved the amendment of the accredited evaluator system. — SPA


June 07, 2023
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