The Secretary-General of the Organisation of Arab Petroleum Exporting Countries (OAPEC), Ali bin Sabt, Saturday said that the decision of OPEC + to cut down on oil production by two million barrels per day aims to achieve stability and balance in the oil market.
Kuwait News Agency (KUNA) cited Bin Sabt as saying in a statement that “the decision is correct,” and took into account the uncertainty surrounding the performance of the global economy, expecting a three per cent decrease in its growth rate during 2023, noting that the decision came “in the right time.”
Bin Sabt stressed that the main objective of the decision is to ensure stability and balance in the market and to bring oil prices to levels acceptable to all parties.
Source: Jordan News Agency