The OPEC+ alliance officially announced “to cut oil production by two million barrels per day starting in November, based on the agreed August levels” and announced that “the current OPEC+ agreement is being extended until December 2023 instead of ending the year.” Current”.
At the end of the coalition meeting, the Minister of Energy of Saudi Arabia (OPEC Secretary General) Abdulaziz bin Salman stated that “our organization has overcome the catastrophic events in the world, and the key to our success is the consent of the member states”, and emphasized, “We are pursuing an active policy and showing initiative.”
He noted: “We have managed to maintain the stability of the energy market compared to others,” and added: “We reaffirm our commitment to the interests of producers and consumers, and we will continue to fulfill our obligations to the markets.”
He pointed out that “what we are doing is very vital and important for other non-OPEC+ exporting countries,” stressing that “we will remain a key force to power the global economy.”
Bin Salman stated: “The problem we are facing today in the energy market is not speculators and unfortunately no one in OPEC+ can foresee the future of energy and we don’t know how the price of Russian oil will be capped.” . oil” and believed that “the United States will release a certain amount of its reserves.”
Source: El Nashra