Abu Dhabi (UNA-OIC) – The oil ministers of the UAE, Saudi Arabia, Kuwait, Bahrain, Oman and Iraq on Friday discussed the current developments and future prospects of the global oil markets.
This came in a conference call where the ministers reviewed the continued recovery in global demand and progress made towards implementing the OPEC+ agreement.
At the end of the phone call, the six ministers issued a joint statement saying the positive signs of improvement shown recently in the global economy are “very encouraging”.
Hailing the efforts made by all countries of the world to re-open their economies in a safe manner, the six ministers reaffirmed their full commitment to the OPEC+ deal on curbing oil production in order to further speed up the oil market’s rebalancing.
They have agreed that the members who made limited progress on compliance during the months of May, June, and July would further deepen their cuts to make up for it.
The six ministers reiterated their thanks to the Iraqi Minister of Oil for his country’s cooperation and efforts in rebalancing the oil market. They also reaffirmed the significant role played by Iraq in ensuring the success of the OPEC+ deal.
“Full 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,” concluded the statement.