Saudi Arabia’s cabinet of ministers affirmed on Tuesday that a recent multilateral crude supply reduction pact is an extension of the kingdom’s previous efforts to achieve market balance and stability, state news agency SPA reported.
OPEC and allies led by Russia, a group known as OPEC+, agreed on Sunday to cut oil output to prop up prices amid the coronavirus pandemic in an unprecedented deal that could curb global supply by up to 20%.
Under the chairmanship of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, the cabinet held its session today online.
At the outset of the meeting, King Salman briefed the cabinet on his two telephone calls with US President Donald Trump and Russia's President Vladimir Putin. The presidents reviewed exerted efforts to maintain the stability of oil markets to support the growth of the global economy, the importance of cooperation between producing countries, the contribution of other producing countries, and the OPEC+ meeting hosted by the Kingdom.
The King also briefed the cabinet on the phone call he received from Palestinian President Mahmoud Abbas, who praised the Kingdom‘s stances in supporting Palestinians and their cause and wished the Kingdom and its people health amidst the coronavirus pandemic.
Furthermore, the cabinet reviewed the final statement of the G20 Energy Ministers Extraordinary Meeting reviewing the effects on global oil markets due to the coronavirus pandemic, its effects on worsening the global economic crisis, and the impact on sustainable development programs. It affirmed the commitment to working together to reach cooperative responses through policies, which would ensure the stability of the markets for various energy sources, taking into account the specific circumstances of each country.
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