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17-10-2022, 08:11 AM
October 17, 20225:51 AM GMT+8Last Updated 2 hours ago
By Maha El Dahan, Yasmin Hussein and Moataz Mohamed
CAIRO Oct 16 (Reuters) - OPEC+ member states lined up on Sunday to endorse the steep production cut agreed this month after the White House, stepping up a war of words with Saudi Arabia, accused Riyadh of coercing some other nations into supporting the move.
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The kingdom's defence minister and King Salman's son, Prince Khalid bin Salman, also said the Oct 5 decision to reduce output by 2 million barrels per day - taken despite oil markets being tight - was unanimous and based on economic factors.
His comments were backed by ministers of several OPEC+ member states including the United Arab Emirates.
The Gulf state's energy minister Suhail al-Mazrouei wrote on Twitter: "I would like to clarify that the latest OPEC+ decision, which was unanimously approved, was a pure technical decision, with NO political intentions whatsoever."
His comment followed a statement from Iraq's state oil marketer SOMO.
"There is complete consensus among OPEC+ countries that the best approach in dealing with the oil market conditions during the current period of uncertainty and lack of clarity is a pre-emptive approach that supports market stability and provides the guidance needed for the future," SOMO said in a statement.
Kuwait Petroleum Corporation Chief Executive Officer Nawaf Saud al-Sabah also welcomed the decision by OPEC+ - which includes other major producers, notably Russia - and said the country was keen to maintain a balanced oil markets
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Oman and Bahrain said in separate statements that OPEC had unanimously agreed on the reduction.
Algeria's energy minister called the decision "historic" and he and OPEC Secretary General Haitham Al Ghais, visiting Algeria, expressed their full confidence in it
......
Khalid bin Salman said on Sunday he was "astonished" by claims his country was "standing with Russia in its war with Ukraine."
"It is telling that these false accusations did not come from the Ukrainian government," he wrote on Twitter.
https://www.reuters.com/business/energy/...022-10-16/
By Maha El Dahan, Yasmin Hussein and Moataz Mohamed
CAIRO Oct 16 (Reuters) - OPEC+ member states lined up on Sunday to endorse the steep production cut agreed this month after the White House, stepping up a war of words with Saudi Arabia, accused Riyadh of coercing some other nations into supporting the move.
......
The kingdom's defence minister and King Salman's son, Prince Khalid bin Salman, also said the Oct 5 decision to reduce output by 2 million barrels per day - taken despite oil markets being tight - was unanimous and based on economic factors.
His comments were backed by ministers of several OPEC+ member states including the United Arab Emirates.
The Gulf state's energy minister Suhail al-Mazrouei wrote on Twitter: "I would like to clarify that the latest OPEC+ decision, which was unanimously approved, was a pure technical decision, with NO political intentions whatsoever."
His comment followed a statement from Iraq's state oil marketer SOMO.
"There is complete consensus among OPEC+ countries that the best approach in dealing with the oil market conditions during the current period of uncertainty and lack of clarity is a pre-emptive approach that supports market stability and provides the guidance needed for the future," SOMO said in a statement.
Kuwait Petroleum Corporation Chief Executive Officer Nawaf Saud al-Sabah also welcomed the decision by OPEC+ - which includes other major producers, notably Russia - and said the country was keen to maintain a balanced oil markets
......
Oman and Bahrain said in separate statements that OPEC had unanimously agreed on the reduction.
Algeria's energy minister called the decision "historic" and he and OPEC Secretary General Haitham Al Ghais, visiting Algeria, expressed their full confidence in it
......
Khalid bin Salman said on Sunday he was "astonished" by claims his country was "standing with Russia in its war with Ukraine."
"It is telling that these false accusations did not come from the Ukrainian government," he wrote on Twitter.
https://www.reuters.com/business/energy/...022-10-16/
