Coordination with OPEC + is the cornerstone of stabilizing oil markets

Saudi Energy Minister Prince Abdulaziz bin Salman

Saudi Energy Minister: The Kingdom’s cooperation with Arab countries in the fields of energy is an integral part of its interest in its Arab depth

Published in: May 19, 2023: 01:15 AM GST
Last updated: May 19, 2023: 01:17 AM GST

Saudi Energy Minister Prince Abdulaziz bin Salman affirmed that the Kingdom’s interest in cooperating 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.

In a statement to the Saudi Press Agency, SPA, he stated that this cooperation is embodied in coordination of joint Arab action, and in many projects, programs and initiatives.

At the international level, the Minister of Energy confirmed the existence of coordination between the Kingdom with the countries (OPEC Plus), which are countries that include oil producers from OPEC and outside, including a number of Arab countries, and this is considered the cornerstone of efforts to enhance the stability of global oil markets and maintain their balance. and the security of supplies in a way that supports the growth opportunities of the global economy.

He explained that the Kingdom signed a number of memorandums of understanding with a number of Arab countries in the energy sector, such as those signed with Egypt, the Sultanate of Oman, Jordan and Iraq, aimed at enhancing cooperation in the fields of electricity, renewable energy, clean hydrogen, oil and gas, petrochemicals, and other related fields. with energy.

He pointed out that there are also electrical interconnection projects between Saudi Arabia and the Arab countries, as the Kingdom is connected to all the Arab Gulf states through the Gulf interconnection, and direct interconnection projects are being implemented between the Kingdom and Iraq, Jordan and Egypt.

He pointed out that these projects aim to enhance the security of interconnected national networks, their reliability, increase their ability to absorb the entry of renewable energy projects, and create a regional commercial market for the exchange and passage of electric energy in order to achieve optimal investment and operation of national generation stations, export renewable energy, and link the networks of the Arab Mashreq with their counterparts in the Maghreb.

The Minister of Energy affirmed that “coordination and cooperation with brotherly Arab countries is witnessing continuous communication, whether through coordination councils or joint committees in various fields of energy and related issues, such as exchanging experiences in the fields of electricity, renewable energy, energy production and consumption efficiency, and digital transformation in energy use.” And its applications, as well as programs and plans to combat climate change, which include applying the circular carbon economy approach, emission reduction technologies, and others.

Finally, he expressed his hope that the Arab summit held in Jeddah would be a new opportunity to achieve a greater and more effective start for cooperation, integration and coordination among Arab countries in all fields.

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