Six Arab oil-producing nations have reaffirmed their commitment to supporting market stability by maintaining voluntary oil production cuts.

The pledge comes from Bahrain, Iraq, Kuwait, Oman, Saudi Arabia, and the United Arab Emirates, who are all members of the OPEC+ alliance. OPEC+ is a group of oil-producing countries that have agreed to coordinate their output in order to stabilize the market.

The voluntary oil production cuts were first implemented in April 2020 in response to the collapse in oil demand caused by the COVID-19 pandemic. The cuts have been extended several times since then, and are currently scheduled to remain in place until the end of 2024.

The commitment to voluntary oil production cuts is a sign that OPEC+ is committed to supporting the market and preventing a sharp decline in oil prices. This is important for both oil producers and consumers, as a stable oil market helps to ensure a reliable supply of oil at a reasonable price.

The pledge of support for market stability comes at a time when the oil market is facing some challenges. The global economy is slowing, and there is some uncertainty about the outlook for oil demand. However, OPEC+ has shown that it is willing to take steps to support the market when necessary.

The six Arab oil-producing nations that have reaffirmed their commitment to market stability are all members of the Gulf Cooperation Council (GCC). The GCC is a regional economic and political alliance that includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

The GCC is a major player in the global oil market, accounting for around 17% of global oil production. The GCC countries are also major exporters of oil, with over 80% of their oil production being exported.