Bahrain assessed the motives of the OPEC + decision to cut production

2022-10-16T17:55:41+03:00

2022-10-16T17:55:41+03:00

2022-10-16T17:55:41+03:00

2022

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Bahrain assessed the motives of the OPEC + decision to cut production

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The decision of OPEC + to reduce oil production was made based solely on economic considerations, said the Minister of Petroleum and Environment of Bahrain, Mohammed bin Mubarak bin… PRIME, 10/16/2022

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CAIRO, Oct 16 – PRIME. The decision of OPEC + to reduce oil production was made based solely on economic considerations, said the Minister of Petroleum and Environment of Bahrain, Mohammed bin Mubarak bin Dina.

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According to bin Mubarak, the OPEC+ agreements were adopted by consensus. The head of the department noted that “the decision is important for strengthening markets and will bring positive results for the global economy as a whole.”

“The decision was made based on purely economic considerations, after a thorough study by the technical team of the organization, in the realities of supply and demand in the world oil market,” said the minister, quoted by the Bahraini news agency BNA.

The minister also noted that at the upcoming meetings, OPEC and OPEC + members “will study all economic events in order to ensure the stability of markets and global supply, as well as a balance of interests between producers and consumers.”

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