Today, Monday, Saudi Arabia and the UAE defended OPEC+’s decision to cut oil production from next month, and OPEC stressed that its decision is based on concerns about the state of the global economy.
At the International Oil Exhibition and Conference in Abu Dhabi, Saudi Energy Minister Prince Abdulaziz bin Salman commented on the decision of the OPEC+ group to cut production and said: “We owe this to no one but ourselves. It was done for us and by us for our future.” And we must dedicate ourselves to it.”
UAE Energy Minister Suheil Al Mazroui backed this defense. He said that OPEC and its allies are “a phone call away if there is a demand” to increase production.
Al Mazrui said: “I can assure you that we in the UAE, as well as our colleagues in OPEC and OPEC plus, are committed to providing the world with the demands it needs. But at the same time, we are not the only producers in the world.”
The countries of the OPEC+ group, which includes Russia and Saudi Arabia, agreed in early October to cut their production by two million barrels of oil per day, starting in November 2022.
The Organization of the Petroleum Exporting Countries, led by Saudi Arabia, stressed that its decision comes from concerns about the state of the global economy.
Analysts in the US and Europe are warning of a looming recession in the West due to inflation and subsequent hikes in interest rates.