News from Al-Madinah: In its statement regarding the Arab summit, Algeria reaffirmed that the summit supports the “OPEC+” group’s position on the global energy market, which consists of both OPEC members and non-OPEC oil-producing nations.
Algeria stated that it “appreciates the balanced policy pursued by the OPEC+coalition to ensure the stability of the global energy markets and the sustainability of investments in this sensitive sector within an economic approach that guarantees the protection of the interests of producing and consuming countries Both” in a statement released today by session (31) of the Council of the League of Arab States.
On October 5, the “OPEC+” group announced the decision to reduce oil production by two million barrels per day starting next November, to support the markets at a time when it faces risks of declining demand for crude due to the economic crisis.
The “OPEC+” decision caused tension between Washington and Riyadh, and US President Joe Biden warned that Saudi Arabia will suffer the repercussions.
While Karen Jean-Pierre, a spokeswoman for the White House, claimed that the coalition’s decision to cut oil output as part of the “OPEC+” initiative demonstrates its “bias” toward Russia and will likely result in higher oil prices in the West.
Author: RT.
Declaration from Algeria: The Arab Summit backs the “OPEC+” resolution to cut production
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