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Saudi Arabia: Stability of Oil Market Pivotal to Kingdom’s Energy Strategy

Saudi Arabia: Stability of Oil Market Pivotal to Kingdom’s Energy Strategy

Tuesday, 9 August, 2022 - 17:00
King Salman chairs the cabinet meeting in Jeddah on Tuesday. (SPA)

The Saudi government stressed on Tuesday the great need to commit to oil production in line with the agreements reached by OPEC and OPEC+.


Custodian of the Two Holy Mosques King Salman bin Abdulaziz chaired the cabinet meeting that was held in Jeddah.


The government tackled the outcomes of 31st OPEC and non-OPEC Ministerial Meeting, including a decision to adjust the production level for September. The meetings also reiterated the critical importance of adhering to full conformity.


The stability and balance of the oil market are one of the pillars of Saudi Arabia’s energy strategy, given that oil is an important element in supporting the growth of the global economy. This is reflected in the Kingdom’s pivotal role in establishing and maintaining the OPEC+ agreement through its initiatives to accelerate the stability of markets and the sustainability of its supplies.


King Salman briefed the ministers on the message he received from the president of Zambia that tackled bilateral relations and ways to boost them.


The ministers reviewed the latest regional and international developments. They stressed the Kingdom’s solidarity with the brotherly Palestinian people, calling on the international community to assume its responsibilities and stop the repeated Israeli violations and attacks against the people.


It must also exert the necessary efforts to resolve the Palestinian-Israeli conflict.


The ministers underlined the Kingdom’s firm support for everything that ensures the security and stability of Yemen and meets the aspirations of its people.


It praised United Nations efforts in boosting the commitment to the nationwide truce in line with the Kingdom’s March 2021 initiative aimed at ending the Yemeni conflict and reaching a comprehensive political solution.


The cabinet underlined Saudi Arabia’s remarks at the Tenth Review Conference of the Nuclear Non-Proliferation Treaty (NPT) where it expressed its support for international efforts aimed at preventing Iran from possessing nuclear weapons.


It also highlighted the importance of the UN General Assembly in calling on non-party states to accede to the Treaty, and placing all their nuclear facilities under the comprehensive safeguards system of the International Atomic Energy Agency (IAEA).


Furthermore, the cabinet hoped that the upcoming Riyadh International Humanitarian Forum will help reach innovative practical solutions that would provide humanitarian work according to the highest standards adopted to achieve sustainable development goals.


Set for February, the forum will be organized by the King Salman Humanitarian Aid and Relief Center (KSrelief) in partnership with the UN and its organizations.


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