The 2024 World Economic Forum witnessed an important meeting between the Secretary-General of the Gulf Cooperation Council, Jassim Mohammed Al-Budaiwi, and the Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, in which they discussed ways to strengthen the energy sector, with a focus on energy security and the stability of oil prices in light of regional and international developments. Accelerated.

This meeting is an important step to enhance energy security in the Arabian Gulf region and ensure that countries’ energy needs are met in a sustainable and safe manner. The two sides seek to enhance cooperation to ensure the stability of oil prices in global markets. This contributes to supporting the global economy and avoiding sharp fluctuations in prices.

This meeting represents an opportunity to enhance cooperation between the Gulf Cooperation Council and OPEC in the field of energy, in a way that serves the common interests of member states and contributes to achieving their strategic goals. The challenges facing global energy markets were discussed during the meeting, most notably the geopolitical fluctuations resulting from the current events in Ukraine and the Middle East and their impact on Global energy supplies, in addition to the global trend in shifting towards renewable energy sources and the challenges facing oil-exporting countries in this context, and the associated opportunities for cooperation in new areas such as carbon storage.

This meeting confirms the commitment of both the Gulf Cooperation Council and OPEC to enhancing energy security and the stability of global oil markets. This step also represents a positive cooperation that contributes to ensuring the sustainability of energy supplies and supporting economic growth at the global level.