OPEC+ countries support decision to significantly cut oil output

OPEC+ countries have spoken out in support of a major production cut earlier this month, Report informs referring to Interfax.

Earlier, the White House accused Saudi Arabia of forcing some other cartel countries to cut production.

Last week, the US authorities said that the decline in production would lead to an increase in Moscow’s income from oil exports, and also accused Saudi Arabia of political interest. However, Riyadh denied accusations of supporting the fighting in Ukraine.

Saudi King Salman bin Abdulaziz Al Saud said that the kingdom is doing everything possible to maintain stability and balance in the oil markets. For these purposes, the OPEC+ alliance, which includes OPEC and other leading producing countries such as Russia, establishes and maintains relevant agreements.

In addition, the 2 million barrels per day cut to the oil production target agreed on October 5 was passed unanimously and is based on economic factors, even with limited supply in the oil markets, said Prince Khalid bin Salman Al Saud, Saudi defense minister and King Salman’s son.

The ministers of some OPEC+ countries, including the UAE, adhere to the same opinion.