GCC ministers discuss developments in oil market

GCC ministers discuss developments in oil market

Muscat: Dr Mohammed bin Hamad Al Rumhy, Minister of Oil and Gas took part in a teleconference call between the GCC and Iraq oil ministers.The current developments and future prospects of the global oil markets were deliberated by the oil ministers of the UAE, Saudi Arabia, Kuwait, Bahrain, Oman and Iraq.The ministers reviewed the recent developments in oil markets, the continued recovery in the global economy and oil demand, and the progress made in rebalancing the oil market.At the end of the call, they issued the following statement.

“The ministers are very encouraged by the recent signs of improvement in the global economy and commend the efforts taken by countries all over the globe to reopen their economies safely."The ministers reaffirmed their full commitment to the OPEC+ agreement. They emphasised the