Oil Minister participates in OPEC, OPEC+ meeting in Vienna June 5, 2023 The Minister of Oil participates in the OPEC and OPEC + meeting in Vienna<br /> 05 June 2023 Creation time: 12:05 PM Last update: 12:05 PM Views: 11 Vienna, June 5 (BNA): Minister of Oil and Environment and Special Envoy for Climate Affairs Dr. Muhammad bin Mubarak bin Dinah participated in the meeting of the Joint Ministerial Monitoring Committee of OPEC and OPEC + in Austria. The meeting discussed issues related to oil, especially oil production policy. Dr. Bin Dinah stressed the importance of strengthening cooperation with various OPEC countries and non-OPEC Plus countries in implementing production operations aimed at stabilizing oil markets. He praised the close relations between all parties, in which trust, respect and understanding prevail in achieving the goals aspired by OPEC and the energy and oil ministers. The meeting pledged a voluntary cut by Saudi Arabia as well as a broader agreement between OPEC and its allies to limit supplies until 2024. Saudi Arabia has pledged to cut production by another 1 million barrels per day from July, to counteract the macroeconomic headwinds that have depressed markets. During the meeting, it was announced that the production level would be set at 40.46 million barrels per day in 2024, in addition to granting the Joint Ministerial Monitoring Committee (JMMC) the authority to hold additional meetings, or to request a ministerial meeting for the session. Group at any time in order to meet market developments whenever necessary. The minister indicated that OPEC + takes its decisions to increase or reduce production according to careful studies in the oil markets and supply and demand rates, in addition to relevant economic and financial indicators with the aim of maintaining market balance despite global geopolitical and economic challenges. Dr. Bin Dinah indicated that OPEC + countries pump about 40% of global oil production, stressing Bahrain’s commitment to all of the organization’s decisions, which are in the interest of all member states. MI Source link Related READ MORE Education Minister receives Al Hekma Retired Society
05 June 2023 Creation time: 12:05 PM Last update: 12:05 PM Views: 11 Vienna, June 5 (BNA): Minister of Oil and Environment and Special Envoy for Climate Affairs Dr. Muhammad bin Mubarak bin Dinah participated in the meeting of the Joint Ministerial Monitoring Committee of OPEC and OPEC + in Austria. The meeting discussed issues related to oil, especially oil production policy. Dr. Bin Dinah stressed the importance of strengthening cooperation with various OPEC countries and non-OPEC Plus countries in implementing production operations aimed at stabilizing oil markets. He praised the close relations between all parties, in which trust, respect and understanding prevail in achieving the goals aspired by OPEC and the energy and oil ministers. The meeting pledged a voluntary cut by Saudi Arabia as well as a broader agreement between OPEC and its allies to limit supplies until 2024. Saudi Arabia has pledged to cut production by another 1 million barrels per day from July, to counteract the macroeconomic headwinds that have depressed markets. During the meeting, it was announced that the production level would be set at 40.46 million barrels per day in 2024, in addition to granting the Joint Ministerial Monitoring Committee (JMMC) the authority to hold additional meetings, or to request a ministerial meeting for the session. Group at any time in order to meet market developments whenever necessary. The minister indicated that OPEC + takes its decisions to increase or reduce production according to careful studies in the oil markets and supply and demand rates, in addition to relevant economic and financial indicators with the aim of maintaining market balance despite global geopolitical and economic challenges. Dr. Bin Dinah indicated that OPEC + countries pump about 40% of global oil production, stressing Bahrain’s commitment to all of the organization’s decisions, which are in the interest of all member states. MI
