In a comprehensive statement on Monday, King Salman bin Abdulaziz of Saudi Arabia stated that his country aims to maintain the stability of the world’s oil markets.
“Our country is working hard within its energy strategy to support the stability and balance of global oil markets,” King Salman said, as reported by the Saudi Press Agency, “as petroleum is an important element in supporting the growth of the global economy.
After the White House accused Saudi Arabia of pressuring members into accepting the decision to restrict oil production, other OPEC+ members responded early on Monday by issuing remarks in support of the King’s proclamation.
United Arab Emirates energy minister Suhail al-Mazrouei said on Twitter: “I would like to clarify that the latest OPEC+ decision, which was unanimously approved, was a purely technical decision, with NO political intentions whatsoever.”
Iraq’s oil marketer SOMO also published a statement saying: “There is complete consensus among OPEC+ countries that the best approach in dealing with the oil market conditions during the current period of uncertainty and lack of clarity is a pre-emptive approach that supports market stability and provides the guidance needed for the future.”
Nawaf Saud al-Sabah, the chief executive officer of Kuwait Petroleum Corporation, praised the choice in a statement, according to state news agency KUNA.
The cut was unanimously approved by OPEC, according to announcements from Bahrain and Oman. Algeria’s energy minister referred to the decision as “historic” and expressed complete trust in it, according to Ennahar TV in Algeria.
He also said that Saudi Arabia would continue to develop recently discovered natural gas fields all around the nation while aiming to achieve carbon neutrality and reduce emissions by 278 million tons annually by 2030.
King Salman also stated that the Kingdom serves as a mediator for peace when introducing the meeting of the Shura Council advisory body via video link. He emphasized Crown Prince Mohammed bin Salman’s initiative to release prisoners of war from Russia.
Iran was urged by King Salman to adhere to its nuclear agreements and to work with the International Atomic Energy Agency (IAEA).
The King emphasized the quick changes happening in Saudi Arabia, emphasizing that the nation is now in the second phase of the Vision 2030 reforms, which started in 2016.
He cited the NEOM, AlUla, and Diriyah developments as being particularly significant projects that will enhance citizen quality of life while preserving Saudi cultural heritage.
The national investment plan, financing for SMEs, the national artificial intelligence strategy, the development of tourism in the Asir region, and the recently unveiled gaming strategy were some of the other national goals, he said.
As more women assume leadership positions in both commercial and public institutions, King Salman claimed that the role of women in Saudi professional life had “crystallized.”
The Saudi King addressed a variety of domestic and global problems.
Regarding Yemen, King Salman reaffirmed the Kingdom’s support for all initiatives that would lead to a long-lasting truce and kick off a political process between the Yemeni government and the militias supported by Iran, known as the Houthis.
Additionally, he emphasized the necessity of stopping the Houthis’ “provocative violations” in Yemen.
The King stressed the significance of carrying out substantial political and economic reforms to aid Lebanon in resolving its crisis.
“It’s also important for the government to impose its authority on all Lebanese territories to [maintain] security and confront drug smuggling operations and terrorist activities which are launched from there and which threaten the region’s stability and security.”