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Stable Oil Markets Depend on Riyadh’s Coordination with OPEC Plus, says Saudi Energy Minister

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Ziad Najjar
Ziad Najjar is an Egyptian author who studied business and finance in the United States and has a keen interest in media. He combines his expertise in these fields to create informative and engaging works accessible to a broad audience.

Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz confirmed continued coordination between Saudi Arabia and the OPEC Plus countries, pointing out that this coordination is the cornerstone of oil market stability.

The Minister said that coordination is the cornerstone of efforts to improve the stability of world oil markets and maintain their balance and security of supply in a way that supports the growth of the world economy.

Prince Abdulaziz bin Salman bin Abdulaziz also emphasized that Riyadh’s interest in cooperation with Arab countries in the field of energy is an integral part of its interest in strengthening its relations in its Arab depth in all fields.

And he pointed out in a statement to the Saudi Press Agency that this cooperation is embodied in the coordination of joint Arab actions, as well as in many projects, programs and initiatives.

He explained that Saudi Arabia has signed a number of memorandums of understanding with a number of Arab countries in the energy sector, such as Egypt, the Sultanate of Oman, Jordan and Iraq, aimed at enhancing cooperation in the field of electricity. , renewable energy sources, clean hydrogen, oil and gas, petrochemicals, etc. Energy-related fields.

The Saudi Energy Minister noted that there are also electrical interconnection projects between Saudi Arabia and the Arab countries, as the Kingdom is connected to all the Arab states of the Persian Gulf through the Gulf interconnection, and direct interconnection projects are being implemented between Saudi Arabia and Iraq. , Jordan and Egypt.

Prince Abdulaziz bin Salman said these projects are aimed at improving the security and reliability of interconnected national networks, increasing their ability to absorb renewable energy projects, creating a regional commercial market for electricity exchange and transmitting it in order. to achieve optimal investment and operation of national generating stations, export of renewable energy and interconnection of the networks of the Arab Mashriq with their counterparts in the Maghreb.

The Minister of Energy confirmed that coordination and cooperation with the Arab countries are witness to constant communication, whether through coordinating councils or joint committees in various fields of energy and related issues, such as the exchange of experience in the field of electricity, renewable energy, energy production and consumption. efficiency and digital transformation in energy use and applications. In addition to programs and plans to combat climate change, which include the application of a circular economy approach to carbon, as well as technologies to reduce emissions, etc., hoping that the Arab Summit, Jeddah will become a new opportunity to achieve a greater and more effective start of cooperation, integration and coordination among Arab countries in all fields.

Source: SPA

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