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Thursday, February 29, 2024

Bahrain and other GCC countries reaffirm commitment to OPEC+ deal

Oil ministers from the Gulf Cooperation Council and reaffirmed their commitment to the OPEC+ deal during a virtual meeting, state news agency SPA reported.

The ministers agreed that members that failed to fully comply with production cuts in May, June and July will accelerate their output reduction.

“Full compliance to the OPEC+ deal, including making up for the limited progress on adherence, would speed up the recovery of the global oil market to the best interest of oil consumers and producers alike, the energy industry and the world economy,” the joint statement read.

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