Bahrain Oil Minister Attends OPEC, OPEC+ Meeting

Minister of Oil and Environment, Special Envoy for Climate Affairs, Dr. Mohammed bin Mubarak bin Daina, participated in OPEC and OPEC+ meeting which was held virtually with the participation of the energy and oil ministers from the member states. The online meeting convened to discuss the approved oil production policy and the possibility to control production as well as other key issues pertaining to this vital sector.

The minister pointed out the importance of these meetings to discuss controlling the current levels of oil production in order to support the market stability amidst the challenges and geopolitical and economic difficulties the world is going through. He underscored support to continuous cooperation between producers and consumers to brave challenges and work out appropriate solutions to maintain stability and sustainability of the oil market and serve the global economy.

Dr. bin Daina stated that there was an agreement at the meeting to keep the oil production policy unchanged and adjust the frequency of meetings into two months instead of one month in order to back the stability of the markets. He noted that the OPEC Plus group agreed at the meeting last month to reduce oil production by 2 million barrels per day, starting from November 2022 until the end of 2023.