Saudi Arabia’s Falih confirms the kingdom’s role in the Oil Market Balance as OPEC to Monitor Production

Khalid bin Abdulaziz Al-Falih
Khalid bin Abdulaziz Al-Falih

Saudi ArabiaMinister of Energy, Industry and Mineral Resources Eng. Khalid bin AbdulazizAl-Falih and OPEC member states' counterparts from Iraq, UAE, Kuwait, Algeria,Nigeria, Venezuela, Libya, in addition to Non-OPEC representatives of Russia,South Sudan, Azerbaijan and Brunei met on Monday.

"The common objective of the OPEC+ Group, is to maintain the stability of world oil markets, benefiting both consumers and producers, in addition to the significant progress achieved by the Group, despite serious challenges it faced." Al-Falih said during his inaugural speech.

He called on the world to condemn the destructive act that took place last week in the Kingdom, even though they do not affect the oil supply, as these sabotage acts affect the energy supply to the world and expose the world economy to additional risks.

The JointMinisterial Committee to monitor the cut-off agreement after the end of itsmeeting, confirmed its commitment to achieving market balance and stabilizingit on a sustainable basis.

Itsstatement expressed satisfaction with the important role played by the"Declaration of Cooperation" in the recovery of the oil marketwitnessed in the first quarter of 2019 compared to the last quarter of 2018 andsupported by the high level of commitment to voluntary production adjustmentsby the participating countries.

The rate ofcompliance in April has risen to 168%, while the average rate of compliance was120% since January 2019.

Monitoringthe production reduction agreement of the Technical Committee and the OPECGeneral Secretariat, the committee has continued to follow up and analyze thedevelopments in the oil market and in particular, follow up the estimates ofthe oil reserves in the coming weeks to enable its next meeting to submitrecommendations to the OPEC and Non-OPEC producer countries ministerial levelconference scheduled for July 2019, on appropriate actions to be taken byparticipating countries, during the second half of 2019.

On the otherhand, the Joint Ministerial Committee expressed great appreciation of theKingdom of Saudi Arabia for the excellent logistical arrangements and goodhospitality accorded to participation delegations.

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