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07.05.17 Agree To Rebalancing Oil Prices

Brunei Darussalam and the Government of Saudi Arabia have agreed to explore and collaborate in potential areas of interest including the supply of crude oil from Saudi Arabia to develop Brunei Darussalam's growing downstream petrochemical sector and potential investment by companies from Saudi Arabia.


The agreement was reached during a courtesy call made by His Excellency Khalid Al-Falih, the Minister of Energy, Industry and Mineral Resources of the Kingdom of Saudi Arabia on Yang Berhormat Pehin Datu Singamanteri Retired Colonel Dato Seri Setia Doctor Awang Haji Mohammad Yasmin bin Haji Umar, Minister of Energy and Industry at the Prime Minister's Office. During the bilateral meeting, His Excellency also invited Brunei Darussalam officials to learn Saudi Arabia's experiences in oil and gas industry.


His Excellency's visit to the country is timely with the directive of both leaders, where both countries can have the opportunity to explore further bilateral cooperation and economic opportunities. Both ministers also discussed the potential of extending the existing OPEC and Non-OPEC Declaration of Cooperation signed in December 2016, which has set out the production adjustment of crude oil from participating countries including Brunei Darussalam and Saudi Arabia, for another six months from July to December 2017 that has the main objective of stabilising and rebalancing oil prices.


His Excellency disclosed the matters during a luncheon hosted by the Minister of Energy and Industry at the Prime Minister's Office before departing the country yesterday afternoon.​


News courtesy of Radio Television Brunei
Photo courtesy of InfoFoto

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