Saudi Arabia and Oman call for oil market solidarity


RIYADH: Saudi Arabia and Oman have called for continued cooperation between OPEC and other producers to help stabilize the market.
OPEC+ last week postponed talks among producers after differences emerged between Saudi Arabia and the UAE over future output strategy.
Saudi Arabia and Oman are both part of the OPEC+ alliance that also includes Russia.
Oman’s leader, Sultan Haitham bin Tariq, visited Saudi Arabia on Sunday on his first official trip since coming to power last year.
The two countries praised the efforts of OPEC+ to bring stability to oil markets despite the collapse in demand for crude that followed in the wake of the coronavirus pandemic.
“They stressed the need to continue cooperation to support the stability of oil markets,” the pair said in a statement carried by the Saudi Press Agency.
They also welcomed the strengthening of cooperation on the implementation of the G20 circular carbon economy approach to address the challenges arising from greenhouse gas emissions.
Oil futures retreated on Monday with Brent crude down by about 1 percent to trade at $74.82 a barrel while the US West Texas Intermediate benchmark was down by a similar measure at $73.81 a barrel.

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