OPEC Secretary General explained why the alliance cut oil production

DOHA, 7 Oct – PRIME. The decision of OPEC + is out of politics and is not related to the confrontation of some countries against others, but proceeds solely from assessments of recession risks and experience: the alliance could not wait for the market to collapse and took steps to ensure its balance, the General OPEC Secretary Haytham al-Ghais.

On Wednesday, the 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.

“The OPEC+ decision is not about one country or group of countries pitted against other countries, it is based on figures, facts and information from many international parties that indicate a high likelihood of an economic recession. The OPEC+ alliance decided to anticipate events as we rely on previous experience and learn from it,” he said.

“The speed of decision making and the foresight of the development of the situation are among the positive factors that contribute to maintaining the balance of the markets, because we cannot wait for the markets to collapse,” the OPEC Secretary General added.

Al-Ghais emphasized that OPEC does not take sides and is not a political organization. “OPEC analyzes data related to the global economy, economic development, indicators and expectations that have a direct impact on oil demand and the future of energy, this is the role of OPEC since its inception,” he added.

According to the secretary general of the organization, OPEC “is working to ensure the continuation of safe and uninterrupted oil flows, which is in the interests of global economic growth.”