OPEC+ Committee Says More Investment Is Needed to Ensure Oil Supply

OPEC and its allies in the global oil output cuts stressed the need to maintain their cooperation to stimulate adequate investments to ensure stable oil supply.

Energy ministers from Saudi Arabia, the United Arab Emirates, Kuwait, Algeria and Oman held an unofficial consultative meeting on Saturday in Kuwait City, the Kuwait News Agency reported, citing a statement from the joint ministerial monitoring committee of OPEC and non-OPEC countries. They discussed market conditions and the producers’ compliance with the global output cuts, it said.

The ministers “emphasized the need for healthy market conditions that stimulate adequate investments in the energy sector, in order to ensure stable oil supplies are made available in a timely manner to meet growing demand and offset declines in some parts of the world,” according to the statement issued Sunday.

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