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Saudi Arabia stresses importance of meeting production quotas set by OPEC decisions

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Saudi Arabia stresses importance of meeting production quotas set by OPEC decisions

Today, on Tuesday, the Saudi Cabinet of Ministers stressed the paramount importance of meeting the production quotas set by the decisions of the OPEC Organization and the OPEC+ alliance.

During the meeting, chaired by King Salman bin Abdulaziz, the decisions included in the thirty-first ministerial meeting of the member states of the Organization of the Petroleum Exporting Countries “OPEC” and non-OPEC Plus countries were adopted to amend the level of production for September 2022 , emphasizing the critical importance of full compliance with established production quotas.

He emphasized that “the stability and balance of the oil market is one of the pillars of the Kingdom’s energy strategy, as oil is an important element in supporting the growth of the global economy, and this is reflected in its key role in creating and maintaining the OPEC Plus agreement as a result of its initiatives to accelerate market stability and sustainability of supply”.

On the other hand, the Council considered a number of reports on developments and developments in the region and the world, emphasizing “the support of the Kingdom of the Palestinian people and calling on the international community to take responsibility for stopping the repeated attacks and violations by the Israeli occupying forces, and to make every effort to put an end to this conflict, which is long overdue.”

The Council also reaffirmed the Kingdom’s strong and supportive stance on everything that guarantees the security and stability of the Republic of Yemen and meets the aspirations of the Yemeni people, and its appreciation for the efforts of the United Nations to increase commitment to the truce, in line with the Kingdom’s initiative announced in March 2021 to end crisis in Yemen and the achievement of a comprehensive political solution.

Source: “SPA”

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