UAE energy minister says no politics behind OPEC+ decision to cut oil production
OPEC+ member-states agreed at their meeting in Vienna to cut oil production by two million barrels daily from November and renewed the deal until the end of 2023
The decision of the OPEC+ group of oil exporting nations to cut oil production was a technical one, not political, the UAE minister of energy and infrastructure, Suhail Mohamed Al Mazrouei, said.
“I would like to clarify that the latest OPEC+ decision, which was unanimously approved, was a pure technical decision with no political intentions whatsoever,” he wrote on Twitter on Sunday.
OPEC+ member-states agreed at their meeting in Vienna to cut oil production by two million barrels daily from November and renewed the deal until the end of 2023.
Russia and Saudi Arabia are expected to cut oil production by 526,000 barrels per day each compared to August’s figures, to around 10.5 million barrels per day. The overall oil output of the alliance’s members will be 41.856 million barrels per day.
The White House said the move indicated that Saudi Arabia was coordinating its energy policy with Russia. US President Joe Biden has spoken in favor of reviewing Washington’s relations with Riyadh.
Russian President Vladimir Putin said the move was intended to balance the global oil market.
