OPEC+ Decision To Cut Oil Production 'Correct': OAPEC
Date
10/16/2022 5:12:50 AM
(MENAFN- AzerNews) By
The secretary general of the Organization of Arab Petroleum
Exporting Countries (OAPEC) said on Saturday that the OPEC+
decision to cut its oil production target is correct and was taken
at the right time, reports citing .
The decision took into account the uncertainty surrounding the
performance of the global economy and was in line with the
successful approach taken by OPEC+ in taking proactive steps to
avoid any oil market imbalances, especially on the demand and
supply sides, OAPEC secretary general Ali bin Sabt added in a
statement.
Last week, OPEC+, the producer group comprising the Organization
of the Petroleum Exporting Countries (OPEC) plus allies including
Russia, announced its new production target after weeks of lobbying
by US officials against such a move.
The decision, however, provoked accusations that the Kingdom was
taking sides in international conflicts and that it was politically
motivated against the US.
Saudi Arabia rejected these accusations saying they were“not
based on facts,” and reaffirming that the OPEC+ decision was
adopted through consensus.
The Gulf Cooperation Council (GCC) on Thursday also stood behind
Saudi Arabia.
“Such statements [criticizing the Kingdom] will never distort
facts and will never deter the Kingdom from maintaining its
balanced approach,” GCC Secretary General Dr. Nayef Falah al-Hajraf
said in a statement.
OAPEC comprises Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya,
Qatar, Saudi Arabia, Syria, Tunisia and the United Arab
Emirates.
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