Gulf states not ready to give up huge oil gains – Roya News English
- Date: 07-Oct-2022
- Source: Roya News
- Sector:Oil & Gas
- Country:Saudi Arabia
Gulf states not ready to give up huge oil gains – Roya News English
Analysts believe that the oil-rich Gulf countries, especially Saudi Arabia, are trying, by supporting crude prices and reducing production, not to lose their agreement in the OPEC Plus alliance with its Russian partner- but they are also seeking to defend their interests.
Representatives of the 13 member countries of the Organization of Petroleum Exporting Countries OPEC and their ten allies announced Wednesday, during their meeting in Vienna, a significant reduction in production quotas by two million barrels per day, starting from November.
This move angered the United States, and US President Joe Biden expressed "disappointment with the short-sighted decision of OPEC +."
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