GCC ministers discuss developments in oil market

Muscat: Dr Mohammed bin Hamad Al Rumhy, Minister of Oil and Gas took part in a teleconference call between the GCC and Iraq oil ministers.

The current developments and future prospects of the global oil markets were deliberated by the oil ministers of the UAE, Saudi Arabia, Kuwait, Bahrain, Oman and Iraq.

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.

At the end of the call, they issued the following statement.

“The ministers are very encouraged by the recent signs of improvement in the global economy and commend the efforts taken by countries all over the globe to reopen their economies safely.”

The ministers reaffirmed their full commitment to the OPEC+ agreement. They emphasised the importance for all OPEC+ countries to meet their production targets to accelerate the rebalancing of the global oil market, and for those who overproduced in May, June and July to compensate those volumes.

The ministers expressed their thanks and appreciation to the Iraqi Oil Minister for his great efforts and cooperation to achieve the balancing of the oil market, while stressing Iraq’s importance to the success of the OPEC+ agreement.

The ministers stressed, again, that full commitment to the OPEC+ agreement and the compensation mechanism will accelerate the recovery of the global oil market to the benefit of oil producers, consumers, the energy industry and the wider global economy.