The oil Ministers of Saudi Arabia, UAE, Kuwait, Oman, Iraq, and Bahrain re-affirmed their full support for OPEC+ agreement of cutting oil production in order to further speed up rebalance of oil markets, according to WAM.
This took place during a conference call between the Saudi Minister of Energy, Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, UAE’s Minister of Energy, Suhail Al Mazroui, Kuwaiti Oil Minister, Khaled Ali Al-Fadhel, Bahraini Oil and Gas Minister, Mohammed bin Khalifa bin Ahmed, Oil and Gas Minister of Oman, Mohammed bin Hamad Al Rumhi, and Iraqi Minister of Oil, Ihsan Abdul Jabbar Ismail to follow up the situation of global oil demand as well as the progress of implementing OPEC+ agreement.
The Ministers agreed that the members which are not fully committed to apply the deal during May, June, and July, would further deepen their cuts to make up for it. They also thanked the Iraqi Minister for his cooperation and efforts in rebalancing the oil market.
At the end of the call, they praised the current situation describing it as “very encouraging”.