Gulf, Iraq oil ministers review recent market developments

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KUWAIT, Aug 7: Energy ministers of the Arabian Gulf region reviewed on Friday recent developments in oil markets, the continued recovery in the global economy and oil demand, and progress made in rebalancing the oil market.

“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 ministers said in a joint statement at the end of the teleconference.

The teleconference call Included Dr. Khaled Al-Fadhel, Minister of Oil and Acting Minister of Electricity and Water of the State of Kuwait; HRH Prince Abdulaziz Bin Salman Al-Saud, Energy Minister of the Kingdom of Saudi Arabia; HE Suhail Mohamed Al-Mazrouei, Energy Minister of the UAE; HE Sheikh Mohammed Bin Khalifa Al-Khalifa, Minister of oil of Kingdom of Bahrain; HE Mohammed Bin Hamad Al-Rumhy, Energy Minister of the Sultanate of Oman; and HE Ihsan Abduljabbar Ismail, Oil Minister of the Republic of Iraq.

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 HE Minister Ismail 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 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”.(KUNA)

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