https://arab.news/8zkwk
- Countries agreed to increase their output cuts to make up for earlier production
- The ministers released a joint statement after the meeting
DUBAI: Oil ministers from the Gulf Cooperation Council and reaffirmed their commitment to the OPCE+ deal during a virtual meeting, state news agency SPA reported.
Saudi Minister of Energy Abdulaziz bin Salman Al-Saud, UAE Minister of Energy and Infrastructure Suhail Al-Mazrouei, Kuwaiti Oil Minister Khaled Al-Fadhel, Bahraini Oil Minister Mohammed Al-Khalifa, Omani Oil and Gas Minister Mohammed Al-Rumhi and Iraqi Oil Minister Ihsan Ismail discussed renewed global demand for oil and the progress of implementing the OPEC+ agreement.
The ministers agreed that members that failed to fully comply with production cuts in May, June and July will accelerate their output reduction.
鈥淔ull compliance to the OPEC+ deal, including making up for the limited progress on adherence, would speed up the recovery of the global oil market to the best interest of oil consumers and producers alike, the energy industry and the world economy,鈥� the joint statement read.