OPEC+ decision to cut oil production ‘correct’: OAPEC

By Trend

The secretary general of the Organization of Arab Petroleum Exporting Countries (OAPEC) said on Saturday that the OPEC+ decision to cut its oil production target is correct and was taken at the right time, Trend reports citing Al Arabiya.

The decision took into account the uncertainty surrounding the performance of the global economy and was in line with the successful approach taken by OPEC+ in taking proactive steps to avoid any oil market imbalances, especially on the demand and supply sides, OAPEC secretary general Ali bin Sabt added in a statement.

Last week, OPEC+, the producer group comprising the Organization of the Petroleum Exporting Countries (OPEC) plus allies including Russia, announced its new production target after weeks of lobbying by US officials against such a move.

The decision, however, provoked accusations that the Kingdom was taking sides in international conflicts and that it was politically motivated against the US.

Saudi Arabia rejected these accusations saying they were “not based on facts,” and reaffirming that the OPEC+ decision was adopted through consensus.

The Gulf Cooperation Council (GCC) on Thursday also stood behind Saudi Arabia.

“Such statements [criticizing the Kingdom] will never distort facts and will never deter the Kingdom from maintaining its balanced approach,” GCC Secretary General Dr. Nayef Falah al-Hajraf said in a statement.

OAPEC comprises Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria, Tunisia and the United Arab Emirates.