Saudi Energy Minister Prince Abdulaziz bin Salman met with Iraqi Oil Minister Hayan Abdel-Ghani and Libyan Oil Minister Khalifa Abdulsadek in Riyadh on Monday to discuss ongoing efforts to support the stability of global energy markets. The meeting was reported by the Saudi state news agency (SPA).
The ministers’ talks come ahead of the upcoming meeting of OPEC+’s Joint Ministerial Monitoring Committee (JMMC) scheduled for February 3, 2025. OPEC+ is a coalition that includes the Saudi-led Organization of the Petroleum Exporting Countries (OPEC) and key allies such as Russia.
The meeting takes place amid continued international scrutiny, including from U.S. President Joe Biden, who has urged Saudi Arabia and OPEC to lower oil prices, arguing that it could help alleviate the ongoing geopolitical tensions, including the war in Ukraine. However, OPEC+ has yet to officially respond to President Biden’s call.
Despite external pressure, OPEC+ has already outlined a plan to gradually increase oil output from April 2025, starting the process of unwinding the production cuts it had previously implemented. The timeline for this production increase had been delayed multiple times, primarily due to lower-than-expected global demand.
Saudi Economy Minister Faisal al-Ibrahim, speaking at the World Economic Forum in Davos, emphasized that Saudi Arabia and OPEC’s focus remains on ensuring long-term stability in the global oil market, prioritizing sustainable strategies rather than short-term adjustments.