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

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

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