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 aimed at stabilizing global energy markets, according to the Saudi Press Agency (SPA).
The talks come ahead of a scheduled meeting of the OPEC+ Joint Ministerial Monitoring Committee (JMMC) on February 3. OPEC+, led by Saudi Arabia and its allies, including Russia, has been closely monitoring global energy dynamics to ensure market stability.
Meanwhile, U.S. President Donald Trump has publicly called on Saudi Arabia and OPEC to lower oil prices, claiming it would help end the war in Ukraine. However, OPEC+ has not yet responded to Trump’s remarks. The group is already set to gradually increase oil production starting in April, following a plan to unwind previous cuts that were implemented in response to weak demand.
Saudi Economy Minister Faisal al-Ibrahim, speaking at the World Economic Forum in Davos on Friday, addressed the calls for lower oil prices. He emphasized that Saudi Arabia and OPEC are focused on achieving long-term stability in the oil market.
The OPEC+ meeting next month will likely provide further insight into the group’s plans to balance market needs amid geopolitical and economic pressures.
