Page 13 - MEOG Week 11 2023

MEOG NEWS IN BRIEF MEOG

Kuwait, Iran eye maritime bolster security and cooperation in the
POLICY He reiterated that the agreement would
Saudi won’t sell oil to border region and would enable the flourishing of
economies of all states, which depended
countries that limit prices The joint Kuwaiti- Iranian legal committee on the sea routes to deliver goods and oil.
met on Monday under the co-chairmanship
Dr. Abulainian said that the success of the
Saudi Energy Minister Prince Abdulaziz bin of Kuwait’s Deputy Foreign Minister Mansour agreement was based on respect and proper
Salman said on Tuesday the Kingdom would Al-Otaibi and Iranian Deputy Foreign execution of the tenets therein, pointing out
not sell oil to any country that imposes a price Minister for Legal International Affairs that all parties would benefit from it.
ceiling on our supplies. Reza Najafi. The meeting focused on the In a similar fashion, Secretary General
Prince Abdulaziz said in an interview demarcation of the maritime boundaries of the Saudi Journalists Association Dr.
published by Energy Intelligence that placing between the two friendly countries. Both Abdullah Al-Jalhan noted that the agreement
a ceiling on oil prices would inevitably lead to sides stressed the need to settle the matter in would enable Iran and Saudi Arabia to
market instability, adding the Kingdom would consistency with the rules of the international pursue development and further cooperation
reduce oil production. law. between the two sides on all possible domains.
The minister said that OPEC+ had Kuwait’s Deputy Foreign Minister Mansour Saudi Arabia has an ambitious plan for total
succeeded in bringing significant stability Al-Otaibi, on an official visit to Tehran, held development and is working diligently to
and transparency to the oil market, especially talks on Monday with his Iranian counterpart realise its’ Vision 2030 and this agreement
compared to all other commodity markets. Dr. Ali Bagheri on the friendly relations facilities this dream, he affirmed.
“The Nopec bill does not recognise the and ways to enhance cooperation between He also said that Iran was going through
importance of holding spare capacity and the both countries in various fields. In other political and security challenges, which
consequences of not holding spare capacity on news, a number of Saudi figures and officials required focus and the deal would provide a
market stability,” he said. deemed the recently signed agreement with chance to regroup and find solutions to such
“Nopec would also undermine investments Iran to resume diplomatic relations within hardships. The region and the world would
in oil capacity and will cause global supply two months as an important step to bring be able to benefit from the deal, which surely
to fall severely short of future demand. The stability and security to the region. Speaking prevent the wars and instability, Al-Jahlan
impacts will be felt all over the world on to KUNA in various interviews, they said that reiterated. He expressed optimism in regards
producers and consumers alike, as well as on three-party statement by Saudi Arabia, Iran, to Saudi Arabia and Iran’s commitment to
the oil industry,” he added. and China – issued last week in Beijing the deal, saying that it would have an impact
Saudi Arabia have proactively embarked – reflected eagerness to maintain security of regional security challenges in Syria, Iraq,
on expanding the capacity to 13.3 million and stability in the region via dialogue and Yemen, and Lebanon.
barrels per day by 2027. Prince Abdulaziz diplomacy. Dr. Munaif bin Muflakh, a Saudi political
said: “The expansion is already under way in Saudi Arabia is very keen on resolving science professor, said that the results of the
the engineering phase and the first increment disputes in the region through diplomatic Saudi- Iranian discussions would lay the
is expected to come onstream in 2025.” means to ensure mutual interests of all cornerstone for a new era in relations after
He continued: “Spare capacity and global involved parties, affirmed member of the seven years of silence between the two sides.
emergency stocks are the ultimate safety net Shura Council, Dr. Fadhel Abulainain. He It is very important to avoid interference in
for the oil market in face of potential shocks, indicated that reaching comprehensive internal issues, he stressed, saying that if Iran
I have repeatedly warned that global demand agreement in accordance with the charters fulfilled its commitment to the deal, it would
growth will outpace current global spare of the UN and the Organization of Islamic open doors fully for cooperation with Saudi
capacity, while emergency reserves are at a Cooperation (OIC) as well as international Arabia and others.
historic low.” laws and norms would benefit all involved ARAB TIMES
ARAB NEWS parties.

Week 11 15•March•2023 www. NEWSBASE .com P13