Energy ministers of Saudi Arabia, Iraq and Libya examine market stability

Saudi Energy Minister Prince Abdulaziz bin Salman held talks on Monday with his Iraqi and Libyan counterparts, Hayan Abdel-Ghani and Khalifa Abdulsadek, in Riyadh on efforts to support the stability of global energy markets, the Saudi state news agency (SPA) reported.

OPEC+, which groups the de facto Saudi-led Organization of the Petroleum Exporting Countries and allies including Russia, is due to hold a meeting of its Joint Ministerial Monitoring Committee (JMMC) on Feb. 3.

U.S. President Donald Trump has publicly called on Saudi Arabia and OPEC to lower oil prices, saying doing so would end the war in Ukraine.

OPEC+ has yet to react to Trump's call. The group already has a plan in place to start raising oil output from April, gradually unwinding previous cuts.

That plan had been delayed several times because of weak demand.

Asked about Trump's comments, Saudi Economy Minister Faisal al-Ibrahim told a panel at the World Economic Forum in Davos on Friday that Saudi Arabia and OPEC were seeking long-term oil market stability.

Reuters