Gulf Cooperation Council supports OPEC+ decisions to balance oil markets

The 43rd GCC Summit

The Gulf Cooperation Council (GCC) stressed in its closing statement its support for the OPEC+ decisions to balance oil markets, enhance welfare of peoples in the region and the worlds, and shore up global economic growth.

This came during the 43rd GCC Summit, held in Riyadh.

The Council pointed to the significance of adopting the key pillars for energy transformation (energy security, economic development and climate change) through continuing sustainable investments in hydrocarbons, the state-owned SPA reported.

This aims to maintain the global energy market stability, in line with technological developments, by adopting the carbon circular economy (CCE).

The Council also lauded the achievements and efforts made by the member states with respect to the CCE four pillars; reduce, reuse, recycle, and remove, included in the Saudi Green Initiative (SGI) as well as the nationally determined contributions by the Council states, such as renewable energy, energy efficiency, clean hydrogen, carbon storage and reuse projects, etc.)