International Business News – On October 15, the Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC) issued a statement saying that the OPEC+ decision to cut oil production was the right decision at the right time, taking into account the uncertainty of the global economy.
On the 5th of this month, the “OPEC+” mechanism, consisting of OPEC members and non-OPEC producers, decided to significantly reduce production from November this year, reducing monthly production by an average of 2 million barrels per day on the basis of August production. The Saudi Foreign Ministry issued a statement on the 13th, confirming that the United States had “suggested” to the Saudi side to postpone the implementation of the production cut plan, which was rejected by Saudi Arabia. The Saudi Foreign Ministry said in the statement that “resolving economic challenges requires a non-political and constructive dialogue that takes into account the interests of all countries in a wise and rational manner”.
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