Cabinet Holds Session via Virtual Network Under Chairmanship of Custodian of the Two Holy Mosques

Riyadh, April 14, 2020, SPA -- Under the chairmanship of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, the Cabinet held its session today via virtual network. At the outset of the meeting, the Custodian of the Two Holy Mosques briefed the Cabinet on the contents of the two joint telephone calls with President Donald Trump of the United States of America and President Vladimir Putin of the Russian Federation, reviewing exerted efforts to maintain the stability of oil markets to support the growth of the global economy, the importance of cooperation between producing countries, the contribution of other producing countries, and expressing satisfaction at what was reached at the OPEC+ meeting hosted by the Kingdom. The King also briefed the Cabinet on the contents of the telephone call received from President Mahmoud Abbas of the State of Palestine, who praised the Kingdom‘s stances in supporting Palestinians and their cause, wishing the Kingdom and its people overcoming the Coronavirus pandemic. In light of the Kingdom of Saudi Arabia’s efforts to stabilize the global energy markets and maintain fair prices for producers and consumers alike, and in the context of its constant endeavor to support the growth of the global economy in light of the developments that have occurred in those markets, the Cabinet praised the calls made by the Custodian of the Two Holy Mosques and His Royal Highness the Crown Prince and Deputy Prime Minister among heads of friendly countries in this regard, which resulted in OPEC and non-OPEC oil producing countries agreement during the 9th extraordinary Ministerial Meeting, announcing the Declaration of Cooperation, reaffirming the ongoing commitment to achieve stability, preserving common interests of producing countries, providig safe, economic, and highly efficient supplies to consumers, and adjusting reductions of their overall crude oil production gradually. The Cabinet reviewed the final statement of the G20 Energy Ministers Extraordinary Meeting reviewing the effects on global oil markets due to the Coronavirus pandemic, its effects on worsening the global economic crisis, and the impact on sustainable development programs. The statement also affirmed the commitment to work together to reach cooperative responses in available policies, which will ensure the stability of the markets for various energy sources, taking into account the specific circumstances of each country, take the necessary and immediate measures to meet the challenges, and ensure a balance of interests between producers and consumers, in addition to ensuring the availability of energy sources needed in the health sector and other sectors that lead efforts against the Coronavirus pandemic. The Cabinet discussed the precautions taken to confront the COVID-19 pandemic, the implementation of orders and directives by the relevant authorities in this regard to preserve the health and safety of citizens at home and abroad, as well as residents in the Kingdom of Saudi Arabia, and the provision of the necessary medicine, food and living needs, lauding the results of the Royal instructions to bring citizens back from abroad in coordination with a number of relevant authorities as they have started to arrive in the Kingdom from a number of countries, whereas they have been provided with necessary health care and preventive precautions. The Cabinet was also briefed on reports and developments as regards the local and international levels of Coronavirus infection and expressed satisfaction with what was done in the Kingdom. The Cabinet emphasized that all citizens and residents should comply with orders and instructions imposed by the relevant agencies to preserve their safety and contribute to stop the spread of the disease. The Cabinet considered the positive estimates of global rating agencies on the strength and resilience of the economy of the Kingdom through stabilizing the credit rating of the Kingdom's economy with a stable outlook, as the move is considered an expression of the great confidence enjoyed by the Saudi economy, and a reflection of the strength of its financial position in facing challenges, especially in light of crises in general and the current exceptional circumstances. The Cabinet reviewed a number of issues on the latest developments at regional and international arenas, pointing in this regard to the initiative of the “Alliance to Support Legitimacy in Yemen” for a comprehensive two-week extendable ceasefire to confront COVID-19 pandemic in Yemen, and prevent its spread, and create the appropriate conditions for the success of the call extended by the United Nations Secretary-General and his Special Envoy for Yemen to hold a meeting to discuss a proposal for a permanent ceasefire, and other confidence-building steps to pave the way for political consultations between the Yemeni parties to reach a comprehensive political solution in Yemen. The Cabinet reviewed topics on its agenda, including some being co-studied by the Shura Council. The Cabinet was also briefed on the outcomes reached by the Economic and Development Affairs Council, the Political and Security Affairs Council, the General Committee of the Council of Ministers, and the Cabinet's Panel of Experts with regard to the agenda. --SPA