Stabilizing Oil Markets: The Importance of Coordination with OPEC+ in Saudi Arabia

The Importance of Energy Cooperation with Arab Countries, according to Saudi Energy Minister

Integral Interest in Strengthening Relations

Saudi Energy Minister Prince Abdulaziz bin Salman said the kingdom’s interest in cooperating with Arab countries in the field of energy is integral to its interest in strengthening its relations in its Arab depth in all fields.

Coordination of Joint Arab Action

In a statement to the Saudi news agency, SPA, he said this cooperation is embodied in the coordination of joint Arab action and in many projects, programs, and initiatives.

International Coordination with OPEC Plus Countries

At an international level, the Energy Minister confirmed the existence of coordination between the Kingdom with the (OPEC Plus) countries, which are countries that include OPEC and non-OPEC oil producers, including some Arab countries, and this is considered the cornerstone of efforts to improve the stability of world oil markets and maintain their balance and security of supply in to support the growth opportunities of the global economy.

Signed MoUs with Arab Countries

He explained that the Kingdom has signed a series of memoranda of understanding with some Arab countries in the energy sector, such as those signed with Egypt, the Sultanate of Oman, Jordan, and Iraq, aimed at strengthening cooperation in electricity, renewable energy, clean hydrogen, oil and gas, petrochemicals, and other energy-related fields.

Electricity Interconnection Projects

He pointed out that there are also electricity interconnection projects between Saudi Arabia and Arab countries, in how much the Kingdom is connected to all the Gulf Arab states through the Gulf Interconnection, and they are in ongoing direct interconnection projects between the Kingdom and Iraq, Jordan, and Egypt.

Improving Security and Reliability

He specifies that these projects aim to improve the security of interconnected nationalworks, their reliability, increase their capacity to absorb the input of renewable energy projects, create a regional commercial market for the exchange and switching of electricity, in order to achieve optimal investment and operation of domestic generating plants, export of renewable energy and connection of Arab Mashreq grids with their Maghreb counterparts.

Continuous Communication and Exchange of Experience

The energy minister said that “coordination and cooperation with fraternal Arab countries is witnessing continuous communication, whether through coordination councils or joint committees in various fields of energy and related issues, such as the exchange of experience in the fields of electricity, renewable energy, energy-efficient production and consumption, and digital transformation in energy use.” And its applications, as well as programs and plans to combat climate change, which include the application of the circular carbon economy approach, emission reduction technologies, and others.

Jeddah Arab Summit

Finally, he expressed the hope that the Arab summit held in Jeddah will be a new opportunity to achieve a greater and more effective start of cooperation, integration, and coordination between Arab countries in all fields.