MUSCAT: The Ministry of Energy and Minerals said that the OPEC+ decisions are based on purely economic considerations and the reality of supply and demand in the market.
According to Reuters news agency, the ministry said, “OPEC+ decision to reduce oil production by 2 million barrels per day is in line with the decisions of the previous group in terms of based on market data and its variables,” and it was important and necessary to reassure the market and support its stability.
The Organization of Petroleum Exporting Countries (OPEC), which includes 13 countries, reduced its production by two million barrels per day, starting from next November until December 2023, in what is considered the largest reduction in production since the outbreak of the Corona pandemic when it met on the fifth of this October.
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The move comes even though fuel markets remained tight, with stocks in major economies at lower levels than when OPEC cut production in the past.
