OPEC Sec.-Gen. comments on alliance’s decision to reduce oil production

The decision of OPEC+ to cut production is out of politics and is not connected with the confrontation of some countries against others. It comes solely from recession risk assessments and experience: the alliance could not wait for the market to collapse and took steps to ensure its balance, OPEC Secretary-General Haitham al-Ghais told Al Arabia TV channel, Report informs.

“The OPEC+ decision is not related to the confrontation of one country or group of countries against other countries, it is based on figures, facts and information from many international parties, which indicates a high probability of an economic recession. The OPEC+ alliance decided to foresee events, as we rely on the previous experience and learn from it,” he said.

On October 5, OPEC+ countries decided to cut oil production by 2 million barrels per day at once from November, taking the levels agreed for August as a reference point.