Coordination with OPEC+ ‘cornerstone’ to enhance oil markets stability: Energy Minister

Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman Al-Saud

Coordination with OPEC+ members, including the Arab countries, is a cornerstone of the Kingdom’s efforts to enhance the stability of global oil markets, Saudi Press Agency (SPA) reported, citing the Kingdom’s Minister of Energy Prince Abdulaziz bin Salman Al-Saud.

Prince Abdulaziz said this cooperation is embodied in coordination for joint Arab action in numerous projects, programs and initiatives.

Saudi Arabia signed a number of memorandums of understanding (MoUs) with several Arab countries in the energy sector, including Egypt, Oman, Jordan, and Iraq, which aim to enhance cooperation in the fields of electricity, renewable energy, green hydrogen, petroleum and gas, petrochemicals, and other fields related to energy.

The Minister added there are also electrical interconnection projects between the Kingdom and Arab countries, and the direct grid projects that are being implemented between the Kingdom on one siade and Iraq, Jordan, and Egypt on the other.

These projects aim to enhance the security and reliability of the interconnected networks, increase their ability to absorb the new renewable energy projects, and create a regional commercial market for the exchange of electric energy. This would achieve the optimal investment and operation of national generation stations, help export renewable energy and link between networks of the Middle East and the North Africa region, Prince Abdulaziz said.

Additionally, he highlighted the continuous coordination with the Arab countries through councils or joint committees in the various fields of energy and related issues. This also included exchanging expertise in electricity, renewable energy, efficient energy production and consumption, digital transformation in energy uses and its applications, climate change programs, and plans related to the implementation of the circular carbon economy.