OPEC+ suspected of being ‘pro-Russian’ over production cut “No specific oil price maintenance target” (exhaustive)

Middle Eastern oil producers claim production cuts are inevitable

(Cairo Tehran = Yonhap News) Reporter Sang-hoon Kim and Seung-min Lee = Reporter Lee Seung-min = OPEC+ (OPEC+), a consultative body for major oil producing countries, including the Organization of the Petroleum Exporting Countries (OPEC), emphasized that the recent decision to cut production was purely for economic reasons.

According to foreign media such as Reuters on the 16th (local time), OPEC Secretary General Haitam Algais held a press conference in Algeria on the 16th (local time) and said, “We do not control oil prices,” he said.

“The production cut is a technical decision only, and this is to maintain the stability of the market in the future as well as the present,” said Algays.

The oil producing countries of the Middle East, which have been out of sight of the United States because of the decision to cut production, protested on the same day.

Saudi Defense Minister Khalid bin Salman tweeted on the same day that “someone claims that Saudi Arabia is on Russia’s side, even though the unanimous decision to cut production by OPEC+ was for economic reasons only.”

The younger brother of ruling Crown Prince Mohammed bin Salman said, “Iran is also a member of OPEC, so does that mean Saudi Arabia has also sided with Iran?”

Earlier, Iraq also argued that the OPEC+ production cut was entirely based on economic indicators.

The Iraqi Petroleum Export Corporation (SOMO) said in a statement that “there was a consensus among OPEC+ members that the best response in uncertain and unclear times is a pre-emptive approach that supports market stability and uses necessary guidelines.”

The Kuwait Ministry of Petroleum said in a statement on the same day that growing concerns about recession and slow global economic growth have caused a supply-demand imbalance in the oil market.

Oman made the same argument.

Oman’s Ministry of Energy said in a statement that “OPEC+’s decision to cut oil production by 2 million barrels per day is in line with the current decisions of the member states as it is based on market data and variables.” It’s important to do it,” he said.

Earlier, OPEC+ agreed to cut crude oil production by 2 million barrels per day next month at a monthly ministerial meeting on the 5th.

As a result, the efforts of President Joe Biden, who personally visited Saudi Arabia in July to change the heart of Crown Prince Mohammed, have failed.

After that, it was reported that the United States would review relations with Saudi Arabia, which played a leading role in the decision to cut production, and the White House pushed a tough message to Saudi Arabia every day.

White House press secretary John Kirby said in a statement on the 13th that there was no reason to make a decision to cut production in light of market conditions, accusing Saudi Arabia of leading production cuts with Russia “morally and militarily helps Russia”.

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