OPEC Members Line Up to Back Oil Production Cut After US Claims Against Saudi Arabia

[Epoch-Times-Bot]

OPEC Members Line Up to Back Oil Production Cut After US Claims Against Saudi Arabia

OPEC+ member states lined up on Oct. 16 to endorse a steep production cut agreed upon this month following accusations from top Biden administration officials against the Saudi government.
Iraq, the second-largest producer in OPEC, said the move was based on economic indicators and done unanimously.
“There is complete consensus among OPEC+ countries that the best approach in dealing with the oil market conditions during the current period of uncertainty and lack of clarity is a pre-emptive approach that supports market stability and provides the future the guidance it needs,” Iraq’s state oil agency said in a statement.
Oman and Bahrain also said in separate statements that OPEC+ had been unanimous in deciding on the 2 million barrels per day reduction several weeks ago. Algeria’s energy minister called the Oct. 5 decision “historic,” and he and OPEC Secretary General Haitham Al Ghais, currently visiting Algeria, expressed their full confidence in it, Algeria’s Ennahar TV reported....

Source: OPEC Members Line Up to Back Oil Production Cut After US Claims Against Saudi Arabia

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