Saudi energy minister holds talks with Iraq, Libya to ensure global oil market stability

Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, has engaged in discussions with his counterparts from Iraq and Libya to address concerns about the stability of the global oil market.

The meeting follows a call from US President Donald Trump last week, urging Saudi Arabia and OPEC to lower oil prices, Caliber.Az reports via foreign media.

Trump’s request, made during a visit to Davos, has yet to elicit a response from OPEC+, with several delegates suggesting that no immediate changes will come out of the group's meeting on February 3. The meeting, involving the oil-producing nations of OPEC and allies like Russia, is expected to reaffirm the current strategy, which includes a planned increase in oil output from April.

On January 27, Prince Abdulaziz bin Salman met with Iraq’s Energy Minister Hayan Abdel-Ghani and Libya’s Minister of Oil and Gas Khalifa Abdulsadek in Riyadh, as reported by the Saudi Press Agency. The talks, which also involved informal discussions with UAE Energy Minister Suhail al-Mazrouei, were focused on enhancing cooperation to maintain the stability of energy markets and safeguard mutual interests.

Oil prices have seen a rise this year, with Brent crude reaching $83 per barrel on January 15—the highest since August. This surge has been attributed to concerns over the potential impact of US sanctions on Russia. However, prices have since retreated, dipping below $78 on January 28.

OPEC+ has been holding back 5.86 million barrels per day of oil production—roughly 5.7% of global demand—as part of its ongoing strategy to support market stability. The proposed production increase in April follows several delays due to weak global demand for oil.

With OPEC+ set to meet on February 3 for the Joint Ministerial Monitoring Committee (JMMC) to discuss policy recommendations, sources suggest that there will be no significant changes to the current plan.

Saudi Arabia’s Economy Minister, Faisal al-Ibrahim, responded to Trump’s comments at the World Economic Forum in Davos, reiterating that the kingdom and OPEC are committed to ensuring long-term stability in the global oil market.

By Aghakazim Guliyev