Baghdad, The Secretary-General of the Organization of Arab Petroleum Exporting Countries (OAPEC) Ali bin Sabt praised today, Saturday, the decision of the OPEC + group to reduce oil production, and considered it correct and timely.

He said in a press statement that the decision took into account the uncertainty surrounding the performance of the global economy, as its growth rate is expected to decrease by about 3% during the year 2023.

He added that the decision came in line with the successful approach taken by the OPEC + group in taking proactive steps that would avoid any imbalances in the oil market, especially supply and demand.

OAPEC includes Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria, Tunisia and the UAE.

The OPEC + alliance, which includes the thirteen members of the Organization of the Petroleum Exporting Countries, as well as producers outside the organization, led by Russia, decided on the fifth of October to reduce production by two million barrels per day.

Source: National Iraqi News Agency