Saudi Arabia and Oman Call for Oil Market Solidarity

Riyadh, MINA – Saudi Arabia and Oman have called for continued cooperation between OPEC+ and other producers to help stabilize the market.

Both countries praised OPEC+’s efforts to bring stability to the oil market despite falling demand for crude oil after the coronavirus pandemic, the Saudi Press Agency said in a statement on Tuesday.

Oman’s leader, Sultan Haitham bin Tariq, visited Saudi Arabia on July 11-12 on his first official trip since coming to power last year.

Both stressed the need to continue cooperation to support oil market stability.

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They also welcomed the strengthening of cooperation in implementing the G20 circular carbon economy approach to address challenges arising from greenhouse gas emissions.

Oil futures pulled back on Monday with Brent crude down about 1 percent to trade at $74.82 a barrel, while US benchmark West Texas Intermediate was down by the same measure at $73.81 a barrel.

Last week, OPEC+ postponed talks among producers after differences emerged between Saudi Arabia and the UAE over future production strategies.

Saudi Arabia and Oman are part of the OPEC+ alliance which also includes Russia. (T/R6/RE1)

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Mi’raj News Agency (MINA)