Russia, Gulf top diplomats say OPEC+ efforts stabilize global oil market
Business
They also emphasized the importance of unhindered access to global markets for food and fertilizers
CAIRO/ MOSCOW (Reuters/Web Desk) – Top diplomats from Russia and the Gulf Arab states praised "the successful" efforts of the countries of the OPEC+ group, saying they contributed to stability of the global oil market, a joint statement said on Monday.
The two sides also agreed to work on developing energy resources' supply chains, according to the statement issued by the Gulf Cooperation Council (GCC).
Foreign ministers of the Gulf Arab states and Russia met in Moscow for the Sixth Joint Ministerial Meeting of the Strategic Dialogue between the GCC and Russia.
The ministers stressed the importance of continuing OPEC+ efforts, "and the need for all participating countries to adhere to the OPEC+ agreement, in a way that serves the interests of producers, consumers, and supports the growth of the global economy.”
They also emphasized the importance of unhindered access to global markets for food and fertilizers.
The statement comes as Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman last month outlined one of the biggest reforms at OPEC in recent years and presented it as a reward for countries that invest in their oil industry.
Read more: OPEC+ oil quota reform increases Gulf's dominance
The change clears the way for giving larger production quotas to OPEC Gulf members such as Saudi Arabia, the United Arab Emirates and Kuwait at the expense of African nations such as Nigeria and Angola.
Production quotas and baselines, from which production cuts are calculated, have been a sensitive subject within OPEC for decades as most producers want a higher quota so they can earn more from oil exports.
The shake-up is likely to become more extreme in the next few years as Middle Eastern state oil majors ramp up investments while production falls in African nations that have struggled to attract foreign investment.
Gulf producers, the holders of the little spare capacity in the global oil market, have long dominated OPEC.
