Coordination with OPEC+ ‘cornerstone’ of efforts to stabilize markets: Saudi minister

Coordination with OPEC+ members is a “cornerstone” of Saudi Arabia’s efforts to enhance the stability of oil markets, the kingdom’s energy minister said late Thursday.

“At the international level, there is coordination between [Saudi Arabia] and OPEC+ countries… including several Arab countries. This is considered a cornerstone of efforts to enhance global oil markets’ stability and to maintain their balance,” Energy Minister Prince Abdulaziz bin Salman said.

Speaking to the Saudi Press Agency (SPA), Prince Abdulaziz bin Salman said Saudi Arabia had signed several MOUs with Arab countries in the energy sector, including in the fields of renewable energy.

Prince Abdulaziz added that more projects were in the works to connect the electricity grid of Saudi Arabia to other Arab countries, including Iraq, Jordan and Egypt.

Other projects to combat climate change and to reduce emissions are also being studied.

The Saudi energy minister voiced his hopes that the upcoming Arab Summit in Jeddah would allow for increased cooperation and coordination between regional countries in various sectors.