Maldives has expressed support and is in firm solidarity with Saudi Arabia with regard to the decision by OPEC+ regarding oil production.
A statement issued by the Ministry of Foreign Affairs said the Maldives believes that the decision was made on purely economic grounds and determined by market variables and other technical considerations. The Maldives also noted that the decision of OPEC+ was by consensus of all its members and should furthermore be seen as a positive step to stabilize global oil markets, and not as a politically motivated decision, according to the statement.
The stability and security of the global energy market are imperative for a small island developing country such as the Maldives which is highly dependent on energy imports. The Maldives values the efforts of Saudi Arabia to encourage strong and sustained global economic growth, the statement further said.
OPEC+ member states lined up to endorse the steep cut to its output target agreed this month after the United States (US), stepping up a war of words with Saudi Arabia, accused Riyadh of coercing some other nations into supporting the move. The US said the cut would boost Russia’s foreign earnings and suggested it had been engineered for political reasons by Saudi Arabia, which denied it was supporting Moscow in its invasion of Ukraine.