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In a joint statement released on Monday, Iraq, Saudi Arabia, the UAE, Kuwait, Oman, and Bahrain reaffirmed their commitment to “voluntary collective and individual production adjustments” for oil, according to the Reuters style news report.
The statement followed a meeting of the oil ministers of the six countries on the sidelines of the Climate Week events in the Middle East and North Africa region, launched by the United Nations in Riyadh.
The ministers reiterated their readiness to take additional measures at any time as part of their ongoing efforts to support market stability and build on the strong cohesion of the OPEC+ alliance. OPEC+—comprising OPEC members and non-OPEC allies led by Russia—had previously agreed in June to extend voluntary oil production cuts announced in April until the end of 2024.
Saudi Arabia and Russia announced additional voluntary cuts until the end of 2023, subject to monthly review. However, during the OPEC+ ministerial meeting last Wednesday, there were no changes made to the group’s oil production policy, as Saudi Arabia and Russia confirmed their continued commitment to voluntary supply cuts to support the market.
