OPEC+ members line up to endorse production cut after US coercion claim – The Peninsula

OPEC+ members line up to endorse production cut after US coercion claim – The Peninsula

CAIRO: OPEC+ member states lined up on Sunday to endorse a high production cut agreed this month after the White House claimed Saudi Arabia had pushed some other nations into the move.

Iraq, OPEC's second-largest exporter, said the decision was based on economic indicators and was taken unanimously.

"There is complete consensus among OPEC+ countries that the best approach in dealing with the oil market conditions during the current period of uncertainty and lack of clarity is a pre-emptive approach that supports market stability and provides the future the guidance it needs," Iraq's state oil marketer SOMO said in a statement.

Oman and Bahrain also said in separate statements that OPEC+ - which includes other major producers, notably Russia - had been unanimous in deciding on the 2 million barrels per day reduction.

Algeria's energy minister called the October 5 decision "historic" and he and OPEC Secretary General Haitham Al Ghais, currently visiting Algeria, expressed their full confidence in it, Algeria's Ennahar TV reported.

The cut came despite oil markets being tight, with inventories in major harvesting at lower levels than when OPEC has cut output in the past.

But some analysts have said recent volatility in crude markets could be remedied by a cut that