Saudi Arabia reiterates Commitment to Supporting Oil Market Stability

Saudi Cabinet discusses results of Saudi initiatives to mitigate effects of the COVID-19 pandemic

Saudi Arabia reiterated on Tuesday its commitment to supporting the stability of the global oil market. This is in line with the OPEC+ agreement to cut output.

“Saudi Arabia’s initiatives aim at urging the countries participating in the OPEC+ agreement; in addition to other producing countries to adhere to the cut rates. Besides, providing more reduction in production. This is in order to contribute to restoring the desired balance of the global oil markets,” said the Saudi cabinet.

Record cut output

OPEC and its allies, a group known as OPEC+; decided in April to cut output by 9.7 million bpd for May and June; a record reduction, in response to the 30% drop in global fuel demand caused by the coronavirus pandemic.

Custodian of the Two Holy Mosques King Salman bin Abdulaziz chaired the cabinet meeting that was held via video-conference.

He briefed them on the telephone call he held last week with US President Donald Trump. The two leaders underscored the strategic and historic ties between their countries and their keenness on maintaining joint efforts to boost the security and stability of the region.

The cabinet also discussed the latest local and international efforts aimed at combating the novel coronavirus. The ministers expressed their support for the efforts exerted by the state and concerned committees and teams in fighting the outbreak and its health and economic impact on the Kingdom.

On Yemen, the cabinet hailed Saudi Arabia’s hosting of an upcoming donor’s conference on the war-torn country. King Salman had ordered that it be held on June 2. The gesture is an extension of Saudi Arabia’s humanitarian and development contribution in the world, especially Yemen. It reflects its leading role in supporting Yemen and easing the suffering of its people.

The cabinet also reviewed latest regional and international developments. It welcomed the formation of a new Iraqi government, voicing its readiness to cooperate with it.