It will be held under the patronage of Saudi Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense.
"The bond between participating countries has become very strong, including, of course, personal friendships across capitals and nations", he said on the sidelines of the International Petroleum Technology Conference in Saudi Arabia. "The worst thing is to have low oil prices that permanently damage the industry".
At the time, Prince Abdulaziz Bin Turki AlFaisal Al Saud, Chairman of the GSA, stated: "This partnership adds further to our hosting of a diverse range of worldwide sports in Saudi Arabia". "We're leaving it to our friends in the United States to conduct themselves in the manner they see fit", he said.
"We have taken every precaution that can be taken", he told reporters when asked whether the kingdom had raised oil security after recent USA and Iran strikes in the region.
He said production is at 9.744 million barrels per day in January and would stay at the same level in February.
The kingdom, the world's top oil exporter that witnessed an assault on its oil facilities last September that temporarily halved output, was the most "reliable and responsible supplier" of crude, the minister said.
OPEC+ members will remain united in their stewardship of the oil market, whether or not their current production cuts are extended beyond their now scheduled March expiry, OPEC Secretary General Mohammed Barkindo said.
Just before Saudi oil facilities were attacked in September, Saudi Arabia was pumping 9.9 million barrels per day, or almost 10 percent of world demand.
Furthermore, the Daily Mail contends that F1 commercial rights owner Liberty Media has "struck a global sponsorship deal" with Saudi-based oil and natural gas giant Aramco which started trading as a public company in December.