Saudi Arabia, alongside Bahrain, Iraq, Kuwait, Oman, and the United Arab Emirates, has reaffirmed its commitment to “collective and individual voluntary adjustments” in oil production. The oil ministers from these six nations met during the U.N. MENA climate week event in Riyadh. They also expressed a willingness to implement additional measures as needed to support market stability, building upon the strong cohesion of the OPEC+ group.
OPEC+ previously agreed in June to extend voluntary oil production cuts introduced in April, with the extension lasting until the end of 2024. Additional voluntary reductions by Saudi Arabia and Russia will remain in effect until the end of 2023 and are subject to monthly reviews. This decision reflects the ongoing efforts of oil-producing nations to stabilize and support the global oil market.
During the recent OPEC+ meeting, no changes were made to the group’s oil output policy, as Saudi Arabia and Russia confirmed their intention to maintain voluntary supply cuts to bolster the market.
