Arab Oil Producers Affirm OPEC+ Supply Cuts, Say Oil Has Role in Energy Transition
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Six Arab nations reaffirmed commitment to voluntary oil production adjustments at a meeting in Riyadh. The nations are Bahrain, Iraq, Kuwait, Oman, Saudi Arabia and UAE.
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They reiterated willingness to take additional measures to support market stability as part of the Declaration of Cooperation.
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In June, OPEC agreed to extend oil production cuts until end of 2024. Saudi Arabia and Russia extended additional voluntary cuts until end of 2023.
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At UN climate event, Saudi and UAE energy ministers said oil industry has role in orderly energy transition and should not be stigmatized.
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UAE will host COP28 climate summit in Dubai between November 30 and December 12 this year.