Dr. Mohammed bin Mubarak bin Daina, Oil and Environment Affairs Minister, Special Envoy for Climate Affairs, has participated in the 36th Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC Ministerial Meeting, which was held via videoconference.
Ministers of energy and oil took part in the meeting aimed at discussing important topics in this vital sector in light of the geopolitical and economic challenges the world is currently going through.
Dr. Bin Daina underlined the Kingdom’s keenness to participate in these meetings, which are devoted to discussing ways to enhance cooperation and exchange ideas in determining current and future production policies.
Brazil participated in the meeting for the first time, and will join OPEC+ Coalition starting from January 2024.
During the meeting, the Kingdom of Saudi Arabia announced that it will extend its voluntary cut of one million barrels per day, which was implemented in July 2023, until the end of the first quarter of 2024.
The UAE, Oman, Kuwait, Iraq and Algeria also announced voluntary oil production cuts until the first quarter of 2024 to contribute to the stability of oil markets.
The next ministerial meeting will be held in June, 2024.
