Saudi Arabia: Oil market stability is key to the Kingdom’s energy strategy

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

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

The government has tackled the results of the 31st OPEC and non-OPEC ministerial meeting, including the decision to adjust the production level for September. The meetings also reiterated the critical importance of adhering to full compliance.

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

King Salman briefed the ministers on the message he received from the President of Zambia which touched on bilateral relations and ways to strengthen them.

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 put an end to repeated Israeli violations and attacks against the people.

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

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

He commended the efforts of the United Nations to strengthen the commitment to the national truce in line with the Kingdom’s March 2021 initiative aimed at ending the Yemeni conflict and achieving a comprehensive political solution.

The cabinet highlighted Saudi Arabia’s remarks at the Tenth Review Conference of the Treaty on the Non-Proliferation of Nuclear Weapons (NPT) where it expressed support for international efforts to prevent Iran from possessing nuclear weapons. nuclear weapons.

He also underlined the importance for the United Nations General Assembly to call on non-parties to join the Treaty and to place all their nuclear installations under the comprehensive safeguards system of the International Atomic Energy Agency ( IAEA).

Furthermore, the firm hopes that the upcoming Riyadh International Humanitarian Forum will help find innovative practical solutions that will deliver humanitarian work to the highest standards adopted to achieve the Sustainable Development Goals.

Scheduled 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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