The Council of Ministers, in its session yesterday, chaired by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz, affirmed that Saudi Arabia is keen to enhance the precautionary efforts made by the countries of the “OPEC Plus” group. To support the stability and balance of oil markets, including the announcement of extending the voluntary cut of (one million barrels) per day, which began in July for another month, to include next August with the possibility of extending it, which confirms the Kingdom’s commitment to maintaining the balance of global oil markets and prices, to ensure interests of both producing and consuming countries.
The Kingdom’s adoption and leadership of this approach bears the fact that Saudi Arabia is considered the safety valve for global energy through its historical and strategic role, in a way that guarantees the stability of the international economy. This represents messages of reassurance to the world that Saudi Arabia will not abandon its role in stabilizing oil markets and ensuring supplies, in parallel with a deep, comprehensive and sustainable reform of the oil market.
