On October 15, the Secretary-General of the Organization of Arab Petroleum Exporting Countries (OAPEC). Issued a statement saying that the OPEC+ cut oil production was the right decision at the right time. Taking into account the uncertainty of the global economy.
On the 5th of this month, the “OPEC+” mechanism, which consists of OPEC members and non-OPEC oil-producing countries, decided to significantly reduce production from November this year, reducing monthly production by an average of 2 million barrels per day on the basis of August petroleum production. The Saudi Ministry of Foreign Affairs issued a statement on the 13th. Confirming that the United States had “suggested” to the Saudi side to postpone. The implementation of the production cut plan, which was reject by Saudi Arabia.
The Saudi foreign ministry said in a statement that “solving economic challenges requires a constructive dialogue that is non-political and that considers the interests of all nations wisely and rationally.”