Under the chairmanship of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, the Cabinet held its session today via virtual network.
At the outset of the meeting, the Custodian of the Two Holy Mosques briefed the Cabinet on the contents of the two joint telephone calls with President Donald Trump of the United States of America and President Vladimir Putin of the Russian Federation, reviewing 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 expressing satisfaction at what was reached at the OPEC+ meeting hosted by the Kingdom.
The King also briefed the Cabinet on the contents of the telephone call received from President Mahmoud Abbas of the State of Palestine, who praised the Kingdom’s stances in supporting Palestinians and their cause, wishing the Kingdom and its people overcoming the Coronavirus pandemic.
In light of the Kingdom of Saudi Arabia’s efforts to stabilize the global energy markets and maintain fair prices for producers and consumers alike, and in the context of its constant endeavor to support the growth of the global economy in light of the developments that have occurred in those markets, the Cabinet praised the calls made by the Custodian of the Two Holy Mosques and His Royal Highness the Crown Prince and Deputy Prime Minister among heads of friendly countries in this regard, which resulted in OPEC and non-OPEC oil producing countries agreement during the 9th extraordinary Ministerial Meeting, announcing the Declaration of Cooperation, reaffirming the ongoing commitment to achieve stability, preserving common interests of producing countries, providig safe, economic, and highly efficient supplies to consumers, and adjusting reductions of their overall crude oil production gradually.
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. The statement also affirmed the commitment to work together to reach cooperative responses in available policies, which will ensure the stability of the markets for various energy sources, taking into account the specific circumstances of each country, take the necessary and immediate measures to meet the challenges, and ensure a balance of interests between producers and consumers, in addition to ensuring the availability of energy sources needed in the health sector and other sectors that lead efforts against the Coronavirus pandemic.