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OAPEC commends the proactive steps and approach taken by the OPEC + coalition
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Baghdad today - follow-up
OAPEC Secretary General, Jamal Al-Loughani, praised the proactive steps and approach taken by the OPEC + alliance before taking any decisions related to oil production policy, and the importance of this in saving market conditions and supporting its stability .
This came in the first comment from Al-Loughani on the announcement of the Kingdom of Saudi Arabia and 8 countries in OPEC + a voluntary reduction in oil production by 1.66 million barrels per day, starting from next May until the end of this year (2023).
This voluntary reduction, which was announced on the evening of April 2, comes in addition to the agreed production cut of 2 million barrels per day, at the 33rd Ministerial Meeting of the Alliance, which was held on October 5, 2022.
The largest voluntary cut was announced on April 2 by Saudi Arabia, by 500,000 barrels per day, along with Russia, which decided to extend the extension of its oil production cut by 500,000 barrels per day, which actually began last March, and continues until year end.
The importance of voluntary reduction in oil production
The Secretary-General of OAPEC says in press statements: “Based on the foregoing, the total production cut announced by some OPEC + countries during the period from May to the end of the year is 3.66 million barrels per day, which represents approximately 3.6% of the total output. Total global demand in 2023 of 101.9 million barrels per day, according to OPEC's latest forecast.
Al-Loughani added, "From our point of view, we see that this step is a precautionary measure that mainly aims to support the stability of the oil market."
He pointed to the state of uncertainty surrounding the oil market, "The main global economies are witnessing a slowdown in their performance, and central banks are continuing their tightening policies to curb inflation, which may weaken the demand for oil."
On the other hand, the possibility of growing geopolitical tensions in Eastern Europe is one of the most important factors that may have significant effects on the fundamentals of the oil market, especially prices, especially in light of the direct intervention in pricing mechanisms in the oil market by each of the Group of Seven industrialized countries. The major powers, the European Union and Australia, which imposed a price ceiling on Russian exports of crude oil and oil products transported by sea,” according to the statements of the Secretary General of OPEC.
Al-Loughani reaffirmed the success of the proactive approach of the OPEC+ alliance of countries, which relies on continuous assessment of market conditions and readiness to make immediate adjustments to production in various forms, if necessary, especially in light of the high volatility and increased uncertainty surrounding the global oil market.
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