Saudi, Iraqi, and Libyan energy ministers discuss global market stability

OPEC+ has an existing plan to gradually increase oil output starting in April, reversing earlier production cuts

Saudi Energy Minister Prince Abdulaziz bin Salman met with his Iraqi and Libyan counterparts, Hayan Abdel-Ghani and Khalifa Abdulsadek, in Riyadh on Monday to discuss efforts to stabilize global energy markets, according to the Saudi Press Agency (SPA).

The OPEC+ alliance, which includes the Saudi-led Organization of the Petroleum Exporting Countries and its allies, such as Russia, is scheduled to hold a meeting of its Joint Ministerial Monitoring Committee (JMMC) on February 3.

Meanwhile, U.S. President Donald Trump has called on Saudi Arabia and OPEC to lower oil prices, suggesting that such a move could help bring an end to the war in Ukraine. OPEC+ has yet to respond to Trump’s comments.

The group has an existing plan to gradually increase oil output starting in April, reversing earlier production cuts. However, the implementation of this plan had been delayed multiple times due to weak demand.

Addressing Trump’s remarks, Saudi Economy Minister Faisal al-Ibrahim stated during a panel at the World Economic Forum in Davos that Saudi Arabia and OPEC remain committed to ensuring long-term stability in the oil market.