UAE NEWS: Saudi Arabia, and other Gulf countries reaffirm commitment toward Opec+ deal.

Saudi Arabia, other Gulf states reaffirmed its commitment to the Opec agreement ministers of energy, uae, arabia arabia, kuwait, barain, oman, ira, Iraq, full, commitment, opec agreement.

Current developments and future prospects in global oil markets were discussed on Friday by energy ministers in the UAE, Saudi Arabia, Kuwait, Bahrain, Oman and Iraq. 

 Mohammed bin Hamad Al Rumhi; and the Iraqi Minister of Oil, Ihsan Abdul Jabbar Ismail. Authorities have reviewed the ongoing recovery of global demand and the progress made in the implementation of the Opec + agreement. The Export Association and its Russian-led participants, a group known as Opec +, have agreed to a reduction agreement to offer those formerly overproductive countries to repay in-depth recruitment in the coming months. At the end of the call, the six ministers released a joint statement saying the recent positive signs of improvement in the global economy are “very encouraging”. Hearing efforts made by the rest of the world to reopen their economy safely, the six ministers reaffirmed their full commitment to the Opec + agreement to reduce oil production to accelerate oil market restructuring. They agreed that members would be better able to keep up with the months of May, June and July and, once again, would improve their cuts to do just that. The six ministers also thanked the Iraqi Minister of Oil for his co-operation and efforts to restore the oil market, and reaffirmed the important role that Iraq has played in ensuring the success of the Opec + agreement. “Complete compliance with the Opec + agreement, including making sustainable adherence, will accelerate the recovery of the global oil market for the benefit of oil buyers and producers alike, the energy industry and the global economy,” he concluded. statement.

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