Saudi Arabia, Oman, UAE, 3 other Arab nations reaffirm commitment to voluntary oil production adjustments

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Reuters said on Sunday citing the Saudi state news agency. “Furthermore, the ministers reiterated the willingness of the Declaration of Cooperation (DoC) countries to take additional measures at any time in their continued efforts to support market stability, building on the strong cohesion of the OPEC plus," Saudi state news agency SPA said, as per the Reuters report. Energy ministers of the six Arab nations met on the sidelines of the UN MENA climate week event in Riyadh on Sunday.

In June, OPEC (Organization of the Petroleum Exporting Countries) had agreed to extend voluntary oil production cuts first introduced in April until the end of 2024. Additional voluntary cuts by Saudi Arabia and Russia extend to the end of 2023 and are subject to monthly review. Last Wednesday, ministers from the OPEC and allies made no changes to the group's oil output policy, after Saudi Arabia and Russia said they would keep voluntary supply cuts in place to support the market.

At the UN MENA climate week event, the OPEC heavyweights said that the oil and gas industry had a role to play in an orderly energy transition. “The three of us here as major hydrocarbon producers also have a responsibility to the world to provide the transition with enough hydrocarbon resources to make sure we are transitioning at a responsibly priced manner," UAE energy minister Suhail al-Mazrouei said. Saudi energy minister Prince Abdulaziz bin Salman also said that the industry should not be stigmatised and the world still needed hydrocarbons.

“There is a case for us to be in oil and gas," he said. The UAE will host the COP28 climate summit scheduled to take place in Dubai between November 30 and December 12. (With inputs from Reuters)"Exciting news! Mint is