Cabinet commends OPEC efforts to stabilize market

The Council of Ministers, chaired by Vice Custodian of the Two Holy Mosques Prince Mohammed bin Naif, met Monday at Al-Yamamah Palace to discuss several issues, with the lion’s share being taken by the official visit of Custodian of the Two Holy Mosques King Salman to four Gulf states. 
The tour of the United Arab Emirates, Qatar, Bahrain and Kuwait is part of the continuous contacts King Salman has been making with the leaders of the Gulf Cooperation Council (GCC) states, contacts that work in the best interest of the people of these countries and that lead to enhanced fraternal ties among them.
The Cabinet, which reviewed a number of issues and recent regional and international developments, was briefed on the outcome of the ministerial level meeting of the Organization of Petroleum Exporting Countries (OPEC) in Vienna last week.
The Cabinet praised the efforts of the participants in the Vienna meeting who worked to restore stability to the international oil market, and the cooperation shown by non-OPEC members in cutting oil production to balance and stabilize the oil market.
This cooperation will not only stabilize the oil market, but will also further contribute to securing investments in the long term, which will positively reflect on the global economy and oil-consuming countries, said the Cabinet.
On the occasion of the International Day for Solidarity with the Palestinian People, the Cabinet called on the international community to render justice to the Palestinians and stop Israel’s oppressive policies against the people under its occupation.
The Cabinet commended the outcome of the 35th meeting of the GCC interior ministers, saying that it will boost the security efforts of the GCC countries and expand cooperation with a view to preserving the security, development and stability of the member states.
It also praised the 7th Bosphorus Summit, in Istanbul, where Saudi Arabia was a guest of honor and signed a series of investment cooperation agreements with the Turkish side.
The Cabinet expressed appreciation for the opening of the exhibition “Roads of Arabia” exhibition by King Salman at the King Abdulaziz International Cultural Center in Dhahran, and praised Saudi Arabia’s participation in the international conference on safeguarding endangered cultural heritage, which was recently convened in Abu Dhabi.
At the outset of the Cabinet meeting, the deputy custodian of the Two Holy Mosques thanked King Salman for laying the foundation stone of many developmental and industrial projects in the Eastern Province, stressing that these projects, which cover the health, agriculture, industry, education, transportation and housing fields, in collaboration with the private sector, including Saudi Aramco, the Royal Commission for Jubail and Yanbu and SABIC, are proof of the care given to citizens throughout the Kingdom and emphasize the strength of country’s economy in an atmosphere of security and stability.
The vice custodian of the Two Holy Mosques also thanked the king for approving a recommendation of the Council of Economic and Development Affairs to allocate SR1 billion from the treasury to the Public Investment Fund in order to diversify the investment portfolio.

Source: Arab News