Oil and Environment Minister, Special Envoy for Climate Affairs, Dr. Mohammed bin Mubarak bin Daina took part in the 31st OPEC-Plus meeting.
Chaired by Saudi Energy Minister His Royal Highness Prince Abdulaziz bin Salman Al Saud, the meeting discussed a number of important topics related to oil prices in global markets.
Dr. bin Daina congratulated Haitham Al Ghais on his appointment as secretary-general of the Organization of Petroleum Exporting Countries (OPEC).
He stressed Bahrain’s keenness on participating in the high-level meetings alongside decision-makers and officials in the oil-producing and consuming countries, and to discuss ways to enhance cooperation and exchange ideas and experiences.
He noted cooperation from within OPEC or from non-OPEC producing countries, which has greatly contributed to gradually restoring the oil market’s balance.
He stressed support for the continuation of cooperation between producers and consumers to face challenges, find appropriate and positive solutions, and work together in maintaining the stability and sustainability of the oil market in a way that benefits producers and consumers alike and serves the global economy in general.
He highlighted the agreement to increase production by 100,000 barrels per day during the month of September, noting that the “OPEC +” group reduced production in May of 2020 by 9.7 million barrels per day due to the decline in demand on the oil resulting from the global COVID-19 pandemic.
It was then agreed to increase oil production by 400,000 barrels per day during the months of May and June of this year 2022, by 432,000 barrels per day in July 2022, and in August 2022 by 648,000 barrels per day.
Source: Bahrain News Agency