Mohsen bin Hamad al Hadhrami, Under-Secretary of the Ministry of Energy and Minerals, took part in the collaborative ministerial meeting in Riyadh, Saudi Arabia. This meeting occurred alongside the 37th ministerial meeting of the Joint Ministerial Monitoring Committee between OPEC and non-OPEC member states, as part of the joint cooperation charter to decrease crude oil production, conducted via video conference.
The participating nations reached an agreement to prolong the voluntary crude oil production cuts that were initially established in April 2023 until the conclusion of December 2025. Furthermore, the voluntary additional crude oil production cuts that were decided upon in November 2023 were extended until the end of September 2024. There will be a gradual return to monthly production increases until the end of September 2025, with the goal of maintaining the stability of oil markets.
