Manama: Dr. Mohammed bin Mubarak Bin Dainah, Minister of Oil and Environment and Special Envoy for Climate Affairs, participated remotely in the 39th OPEC and non-OPEC Ministerial Meeting. The meeting aimed to discuss the latest developments in the global oil market, supply and demand levels, and ways to enhance energy market stability.
According to Bahrain News Agency, Dr. bin Dainah commended the meeting, chaired by His Royal Highness Prince Abdulaziz bin Salman Al Saud, Saudi Arabia's Minister of Energy, and the efforts to support global oil market stability. He emphasised Bahrain's support of OPEC+ initiatives and underscored the importance of collective adherence to agreements and ongoing dialogue among member states in addressing any emerging challenges that may affect global energy demand.
The minister lauded OPEC+ for its key role in maintaining market equilibrium, particularly during a time of economic uncertainty and fluctuating demand. He highlighted how the alliance's close cooperation has helped stabilise markets and bolster international confidence in the group's approach.
The meeting concluded with several resolutions, including a reaffirmation of the Declaration of Cooperation originally signed on December 10, 2016, and emphasised in subsequent sessions. The ministers underlined the need for full compliance and implementation of the compensation mechanism. Also, the OPEC Secretariat was assigned to develop a framework for evaluating the sustainable maximum production capacity of member countries, to serve as a benchmark for production levels in 2027.