OPEC Plus: Global recession risks justify reducing oil production

Members of the OPEC Plus grouping of oil exporting countries defended its controversial decision to reduce its daily production by two million barrels, starting from the beginning of next month, and said that the increased risks of a global economic recession justify the decision to cut production.

And the Bloomberg News Agency quoted UAE Oil Minister Suhail Al Mazrouei as saying that the decision to cut production was issued according to supply and demand calculations only, and that the continued decline in crude prices since the announcement of the decision to cut production on October 5 confirms the correctness of the decision.

The oil ministers of Congo and Equatorial Guinea also adopted the same stance, while the Secretary-General of the Organization of the Petroleum Exporting Countries said the group had no options but to act proactively.