OPEC+ decision to cut oil production "correct", OAPEC says

The secretary general of the Organisation of Arab Petroleum Exporting Countries (OAPEC) Ali bin Sabt has said that the OPEC+ decision to cut its oil production target is correct and was taken at the right time.

The decision took into account the uncertainty surrounding the performance of the global economy and was in line with the successful approach taken by OPEC+ in taking proactive steps to avoid any oil market imbalances, especially on the demand and supply sides, Alarabiya News quotes OAPEC secretary general as saying this week, Al Arabiya reports.

Last week, OPEC+, the producer group comprising the Organisation of the Petroleum Exporting Countries (OPEC) plus allies including Russia, announced its new production target after weeks of lobbying by US officials against such a move.

However, the decision provoked accusations that the Kingdom was taking sides in international conflicts and that it was politically motivated against the US.
Saudi Arabia rejected these accusations saying they were "not based on facts", and reaffirming that the OPEC+ decision was adopted through consensus.

On October 13, the Gulf Cooperation Council (GCC) also stood behind Saudi Arabia.
"Such statements [criticizing the Kingdom] will never distort facts and will never deter the Kingdom from maintaining its balanced approach," GCC Secretary General Nayef Falah al-Hajraf said in a statement.

OAPEC comprises Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria, Tunisia and the United Arab Emirates.