Oil Minister participates in OPEC, OPEC+ meeting in Vienna

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Dr. Mohammed bin Mubarak Bin Daina, Minister of Oil and Environment and Special Envoy for Climate Affairs, participated in the OPEC and OPEC+ Joint Ministerial Monitoring Committee (JMMC) in Austria.The meeting discussed topics related to oil, especially oil production policy.

Dr. Bin Daina stressed the importance of strengthening cooperation with various countries in OPEC and non-OPEC Plus countries in implementing production operations aimed at stabilizing oil markets.

He lauded the close relations between all parties in which trust, respect and understanding prevail in achieving the goals aspired by OPEC and the Ministers of Energy and Oil.

The meeting pledged voluntary cut by Saudi on top of a broader deal by OPEC and their allies to limit supply into 2024.

Saudi Arabia pledged to cut production by another 1 million barrels per day from July, counteracting the macroeconomic headwinds that have depressed markets.

During the meeting, it was announced that the level of production 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 group at any time with the aim of facing market developments whenever necessary.

The minister noted that OPEC+ adopts its decisions to increase or reduce production according to accurate 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 the global geopolitical and economic challenges.

Dr. Bin Daina noted that OPEC+ countries pump about 40% of the global production of oil, affirming Bahrain's commitment to all the organization's decisions that are in the interest of all member states.