Saudi Cabinet backs OPEC+ agreement to stabilize oil markets

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The meeting was chaired by Crown Prince Mohammed bin Salman in Jeddah. (SPA)
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The meeting was chaired by Crown Prince Mohammed bin Salman in Jeddah. (SPA)
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Updated 07 June 2023
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Saudi Cabinet backs OPEC+ agreement to stabilize oil markets

RIYADH: Saudi ministers backed this week’s oil agreement between exporting countries and supported the Kingdom’s voluntary production cut.

Organization of the Petroleum Exporting Countries and allies such as Russia, known as OPEC+, announced on Sunday to limit oil output in 2024.

Saudi Arabia said it will extend its voluntary cut of 500,000 bpd until the end of December 2024, in coordination with some countries participating in the OPEC+ agreement.

The Saudi energy ministry also announced an additional voluntary oil output cut of 1 million bpd for July, which could be extended further.

This would mean that the Kingdom’s production becomes 9 million bpd, and its total voluntary cut will be 1.5 million bpd in July.

Defending the decisions made by the oil producers’ alliance, Saudi Energy Minister Prince Abdulaziz bin Salman stressed the need to “trust OPEC+” which he described as “the most effective international organization” working to restore market stability.

“It was just our sensibility, if you will call it, that the environment was not sufficiently allowing confidence to be there. So taking a precautionary measure tends to put you on the safe side. And it is part of the typical rhythm that we have installed in OPEC, which is being proactive, being preemptive,” Prince Abdulaziz said.

In other business, ministers at Cabinet meeting, chaired by Crown Prince Mohammed bin Salman in Jeddah, said the successful Saudi mission to the International Station shows the Kingdom’s strengthening role in space technologies. 

The mission also comes as an extension of Saudi Arabia’s efforts to empower people, protect the planet, and shape new horizons through science, research and innovations, the Saudi Press Agency reported early Wednesday.

The officials reiterated the Kingdom’s commitment, during the BRICS meeting, to continue working with international partners to achieve the sustainable development goals by 2030, and to intensify global efforts to enhance food and energy security.

Locally, the Cabinet emphasized the government’s commitment to improve the level of services provided to citizens, including enhancing water resources and working on their sustainability through the launch of many high-quality and efficient projects. This includes the Jubail 3A Desalination Plant project, which was recently launched and is considered the largest of its kind in the world.

Ministers praised the comprehensive data provided by the Saudi census 2022, which will be a pillar for planning, development, decision-making and economic and social policy-making,  in a way that contributes to achieving the goals of the Saudi Vision 2030 and preparing to create a better future.
 


Threat to Kingdom’s security is ‘red line’ that will be ‘addressed and neutralized,’ Saudi envoy says

Updated 14 January 2026
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Threat to Kingdom’s security is ‘red line’ that will be ‘addressed and neutralized,’ Saudi envoy says

  • Abdulaziz Alwasil tells UN Security Council the situation in southern Yemen is ‘a just cause with social and historic dimensions’ that can only be resolved through dialogue
  • Recent military activity in the south was unilateral, resulting in an escalation that harms the interests of Yemeni people and undermines efforts to address issues in the south, he said

NEW YORK CITY: Any attempt to threaten Saudi Arabia’s national security is a “red line” and will be met with decisive action, the Kingdom’s ambassador to the UN told the Security Council on Wednesday.

Speaking during a meeting of the council to discuss Yemen, Abdulaziz Alwasil said the situation in the south of the country is “a just cause with social and historic dimensions” that can only be resolved through dialogue.

“We stress that any attempt to threaten our national security is a red line, and we will not hesitate to take the necessary actions and steps to address it and neutralize it,” he added.

Alwasil reaffirmed Saudi Arabia’s support for Yemeni President Rashad Al-Alimi, the Presidential Leadership Council, and the Yemeni government in their efforts to achieve security, stability, development and peace while preserving national unity.

He said military activity by Southern Transitional Council forces in Hadramout and Al-Mahra on Dec. 2, 2025, was unilateral, did not have the approval of the Presidential Leadership Council, and was not carried out in coordination with the Coalition to Restore Legitimacy in Yemen.

It had resulted in an unjustified escalation that harmed the interests of the Yemeni people, undermined efforts to address the issues in the south, and ran counter to the coalition’s objectives, Alwasil added.

The Kingdom, working with its coalition partners, the Presidential Leadership Council and the Yemeni government, had moved to contain the situation by dispatching a military force to coordinate arrangements with the Southern Transitional Council in Aden, he said.

The aim was to ensure the return of the southern council’s forces to their previous positions outside of Hadramout and Al-Mahra, and the handover of camps to legitimate government forces and local authorities in line with agreed procedures, Alwasil added.

He expressed regret over the military operations that took place in Hadramout and Al-Mahra, close to Saudi Arabia’s southern border, which he said posed a direct threat to the Kingdom’s national security, as well as the security of Yemen and regional stability. Such steps were extremely dangerous, he added, and contradicted the principles on which the Coalition to Restore Legitimacy in Yemen had been founded.

Alwasil welcomed a prisoner and detainee exchange agreement signed in Muscat on Dec. 23, which he described as an important humanitarian measure to alleviate suffering and build confidence.

He praised Oman for hosting and sponsoring the consultations and supporting negotiations, and commended the efforts of UN’s special envoy for Yemen, Hans Grundberg, the International Committee of the Red Cross and all others that has played a part.

Regarding the political efforts to resolve the crisis, Alwasil said Saudi Arabia welcomed President Al-Alimi’s call for an inclusive conference in Riyadh to bring together all stakeholders to discuss just solutions to the situation in southern Yemen.

Preparations for the conference have begun, he added, in cooperation with the Yemeni government and southern representatives, reflecting the close ties between the two countries and their shared interests in stabilizing Yemen.

He urged all southern stakeholders to participate actively and constructively in the talks, to help find comprehensive and just solutions that meet the legitimate aspirations of the people of southern Yemen.

Alwasil called on all Yemeni forces and stakeholders to cooperate and intensify their efforts to reach a lasting political settlement that would ensure security and stability.

He described the southern issue as “a just cause with social and historic dimensions,” adding that “the only way to address it is through dialogue that leads to a comprehensive political solution” based on nationally and internationally agreed terms of reference.