Oil ministers reaffirm commitment to OPEC+ deal

TDT | Manama

Oil ministers of Bahrain, Saudi Arabia, UAE, Kuwait, Oman and Iraq yesterday reaffirmed their full commitment to the OPEC+ agreement. The minister, during a teleconference call, emphasised the importance of all OPEC+ countries in meeting their production targets to accelerate the rebalancing of the oil market.

The minister also called countries who overproduced in May, June and July to compensate those volumes. The meeting thanked Ihsan Abdul Jabbar Ismail, Oil Minister of Iraq for his great efforts to achieve the balancing of the oil market. The ministers reviewed the recent developments in oil markets, the continued recovery in the global economy and oil demand and the progress made in rebalancing the oil market.

Oil Minister Shaikh Mohammed bin Khalifa Al Khalifa, Prince Abdulaziz Bin Salman Al Saud, Energy Minister of Saudi Arabia, Suhail Mohammed Al Mazrouei, Energy Minister of the UAE, Khaled Ali Al Fadhel, Oil Minister of Kuwait, Mohammed bin Hamad Al Rumhy, Energy Minister of Oman and Oil Minister of Iraq took part.

“The ministers stressed, again, that full commitment to the OPEC+ agreement and the compensation mechanism will accelerate the recovery of the global oil market.”