His Royal Highness, Prince Abdulaziz bin Salman bin Abdulaziz Al Saud; Minister of Energy in the Kingdom of Saudi Arabia, Minister of Energy and Infrastructure Suhail bin Muhammad Faraj Faris Al-Mazrouei, Minister of Oil in the State of Kuwait Dr. Khaled Ali Al-Fadhel, Minister of Oil in the Kingdom of Bahrain Sheikh Muhammad bin Khalifa Al Khalifa, Minister of Oil and Gas in the Sultanate of Oman Dr. Muhammad bin Hamad Al-Ramahi, and the Minister of Oil in the Iraqi Republic, Ihsan Abdul-Jabbar Ismail, made a joint phone call today, during which they reviewed the most important recent developments in the global oil markets, the continued recovery in the global economy and the demand for oil, and they also discussed the progress that has been made towards restoring balance to the oil market.
At the end of the call, their Highnesses and Excellencies the Ministers issued the following joint statement:
“The Ministers noted that the recent signs of improvement in the global economy are very encouraging, and they commended the efforts made by countries around the world to reopen their economies in a safe manner.
The Ministers reaffirmed their full commitment to the "OPEC Plus" agreement; And the importance of all countries participating in the "OPEC Plus" agreement achieving the targeted production levels for them, in order to accelerate the rebalancing of the global oil market, and for the countries whose production increased to the rates established for them in the months of May, June and July, to compensate for these quantities.
The ministers expressed their thanks and appreciation to His Excellency Minister Ihsan Ismail for his great efforts and cooperation to achieve balance in the oil markets, stressing the importance of Iraq's role in the success of the "OPEC Plus" agreement.
The ministers reaffirmed that full commitment to the "OPEC Plus" agreement and the compensation system will accelerate the recovery of the global oil market for the benefit of oil producers and consumers, the energy industry, and the global economy as a whole. "