The oil ministers of the GCC bloc comprising the UAE, Saudi Arabia, Kuwait, Bahrain and Oman today joined Iraq in reaffirming their full commitment to the Opec+ deal on curbing oil production in order to further speed up the oil market's rebalancing.

 

The current developments and future prospects of the global oil markets were deliberated by the oil ministers of the respective countries during a conference call today (August 7).

 

It was attended by Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz Al Saud; UAE Minister of Energy and Infrastructure Suhail bin Mohammed Al Mazrouei; Kuwaiti Oil Minister Dr Khaled Ali Al Fadhel; Bahraini Oil Minister Sheikh Mohammed bin Khalifa bin Ahmed Al Khalifa; Omani Oil and Gas Minister Mohammed bin Hamad Al Rumhi and Iraqi Minister of Oil, Ihsan Abdul Jabbar Ismail.

 

The six ministers reviewed the continued recovery in global demand and progress made towards implementing the Opec+ agreement.

 

At the end of the phone call, they issued a joint statement where they said 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 ministers reaffirmed their full commitment to the Opec+ deal on curbing oil production in order to further speed up the oil market's rebalancing.

 

The joint statement also called upon the members who made limited progress on compliance during May, June, and July to further deepen their cuts to make up for it.

 

The GCC ministers reiterated their thanks to the Iraqi Minister of Oil for his country's cooperation and efforts in rebalancing the oil market, reaffirming 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, said the joint statement.-TradeArabia News Service