Oil production cuts for market stability: Bahrain’s oil minister | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

Oil production cuts for market stability: Bahrain’s oil minister | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Dr Mohammed bin Mubarak Bin Dainah, Bahrain’s Oil and Environment Minister and Special Envoy for Climate Affairs, said the decision to lower output target by 2 million barrels per day would “support market stability and avoid collapse.”

OPEC+ oil producers had agreed to lower their output target by 2 million barrels per day during November in the 33rd OPEC and non-OPEC Ministerial Meeting in Vienna that agreed on steep production cuts on Wednesday.

Bin Dainah said the meeting contributes to enhancing cooperation, exchanging ideas and expertise, and working to support market stability amid the geopolitical and economic challenges the world is going through.

He also stressed his support for cooperation between producers and consumers to face challenges, find solutions, and maintain the stability and sustainability of the oil market. Brent crude futures edged down 16 cents, or 0.2%, to $93.21 per barrel by 1020 GMT after settling 1.7% up in the previous session.

US West Texas Intermediate (WTI) crude futures lost 14 cents, or 0.2%, to $87.62 after closing 1.4% up on Wednesday. The meeting witnessed the attendance of ministers of energy and oil from various countries of the world.

Saudi rebuffs criticism Saudi Energy Minister Abdulaziz bin Salman