OPEC+ members are lining up to approve production cuts following US coercion

CAIRO, Oct 16 (Reuters) – OPEC+ members lined up on Sunday to support a sharp output cut agreed this month after the White House, escalating a war of words with Riyadh, claimed Saudi Arabia had pushed some other nations into the movement.

Iraq, OPEC’s second-largest exporter, said the decision was based on economic indicators and was made unanimously.

“There is complete agreement among OPEC+ countries that the best approach to managing oil market conditions during the current period of uncertainty and uncertainty is a preventive approach that supports market stability and provides the future with the guidance it needs,” Iraq says. state oil marketer SOMO said in a statement.

Sign up now for FREE unlimited access to Reuters.com

Oman and Bahrain also said in separate statements that OPEC+ – which includes other major producers, notably Russia – had been unanimous in deciding on the 2 million bpd reduction.

Algeria’s energy minister called the Oct. 5 decision “historic,” and he and OPEC Secretary-General Haitham Al Ghais, who is currently visiting Algeria, expressed their full confidence in it, Algeria’s Ennahar TV reported.

The cut came despite oil markets being tight, with inventories in major economies at lower levels than when OPEC has previously cut output.

But some analysts have said recent volatility in crude oil markets could be eased by a cut that would help attract investors to a market that was suffering from weaker fundamentals.

US National Security Council spokesman John Kirby said Thursday that “more than one” OPEC member felt forced by Saudi Arabia to the vote, adding that the cut would also increase Russia’s revenues and blunt the effectiveness of sanctions imposed over its invasion of Ukraine.

Oman’s Ministry of Energy said OPEC+ decisions were based solely on the realities of market supply and demand.

Sign up now for FREE unlimited access to Reuters.com

Reporting by Moataz Mohamed, Yasmin Hussien and Maha El Dahan; Editing by Louise Heavens, Alexandra Hudson

Our standards: Thomson Reuters Trust Principles.

Related Posts

Subaru can’t afford to build electric cars in North America because McDonald’s pays too well

The Subaru badge on the back of a 2023 Subaru Solterra electric SUV If you’re planning to sell electric vehicles in North America, chances are you’re also…

Twitter’s mass firings, days before US midterms, could be a misinformation disaster | Twitter

The mass firings on Twitter that subsided several teamsincluding staff on the company’s security and disinformation team, could spell disaster during next week’s US midterm elections, experts…

Twitter is Elon Musk’s biggest test – and Tesla’s biggest challenge. How they make it work.

Elon Musk officially owner Twitter – and now the hand-wringing over his ability to oversee the rest of his empire has begun again. Of all the worries…

Twitter: Musk defends deep cuts to company’s workforce – BBC

Twitter: Musk defends deep cuts to company’s workforce  BBC Twitter: Elon Musk blames ‘activist groups’ for earnings drop  BBC Twitter employees get laptops wiped as Elon Musk begins layoffs…

COVID booster may lower protection against omicron reinfection, study finds. Here’s why – Miami Herald

COVID booster may lower protection against omicron reinfection, study finds. Here’s why  Miami Herald New booster shot targets Covid variants more effectively, Pfizer says  New York Times Updated Pfizer…

The UK government scans all internet devices hosted in the UK

The UK’s National Cyber ​​Security Center (NCSC), the government agency that leads the country’s cyber security mission, is now scanning all internet-exposed devices hosted in the UK…

Leave a Reply

Your email address will not be published. Required fields are marked *