Saudi Arabia, other Arab states reaffirm commitment to voluntary oil production adjustments

(Reuters) – Bahrain, Iraq, Kuwait, Oman, Saudi Arabia and the United Arab Emirates reaffirmed their commitment to “collective and individual voluntary adjustments” to oil production, the Saudi state news agency said on Sunday.

The oil ministers of the six countries met on the sidelines of the U.N. MENA climate week event in Riyadh on Sunday.

“Furthermore, the ministers reiterated the willingness of the Declaration of Cooperation (DoC) countries to take additional measures at any time in their continued efforts to support market stability, building on the strong cohesion of the OPEC plus,” Saudi state news agency SPA said.

OPEC+ agreed in June to extend voluntary oil cuts first introduced in April until the end of 2024. Additional voluntary cuts by Saudi Arabia and Russia extend to the end of 2023 and are subject to monthly review.

Ministers from the Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, on Wednesday made no changes to the group’s oil output policy, after Saudi Arabia and Russia said they would keep voluntary supply cuts in place to support the market.