The Gulf Cooperation Council (GCC) has reaffirmed its commitment to working with countries that produce oil to maintain stable and secure supplies and stabilise the world’s energy markets.
The confirmation came at a reception for Haitham Al-Ghais, secretary-general of the Organisation of the Petroleum Exporting Countries, held in Riyadh and hosted by GCC Secretary-General Jasem Al-Budaiwi.
The General Secretariat headquarters in Riyadh hosted the reception on February 20, according to a report from the Saudi Press Agency.
Ways to improve cooperation between the GCC and OPEC were deliberated throughout the conference, with particular attention paid to the ongoing coordination of oil policies between the GCC and the organisation.
Given the quick changes occurring on the regional and global fronts, as well as the factors influencing the world energy markets, this cooperation attempts to guarantee a steady and safe energy supply.
Al-Budaiwi commended OPEC for its noteworthy accomplishments, crucial role in maintaining equilibrium and stability in the oil markets, and proactive attitude to tackling upcoming difficulties in cooperation with member countries.
Based on figures released on the organisation’s website on February 21, the price of the OPEC basket of 12 crudes was USD 82.82 a barrel on February 20 compared to USD 82.89 the day before.
Since the beginning of the year, the benchmark for Brent crude oil has increased by roughly 6% due to concerns about supply stoked by attacks on shipping in the Red Sea and major non-OPEC oil-producing nations like the US experiencing blackouts in January.
Meanwhile, Saudi Arabia’s crude oil exports slumped 17.8% year-on-year in the fourth quarter of 2023 to USD 60.5 billion, the latest figures revealed, with non-oil exports falling marginally.
Data released by the General Authority for Statistics (GASTAT) also showed that the Kingdom’s crude exports declined in December 2023, falling 15.8% to 72 billion Saudi riyals (USD 19.2 billion) compared to 85.5 billion Saudi riyals (USD 22.8 billion) for the same period in 2022.
In terms of quantity, crude exports fell by 28,000 barrels in December 2023 to 6.31 million barrels per day (bpd) year-on-year, according to the Joint Organisations Data Initiative cited by Dow Jones.