ECONOMY

Wed 15 Mar 2023 9:52 pm - Jerusalem Time

The UAE defends the decision to cut production

Abu Dhabi - (AFP) - The UAE on Monday defended the OPEC Plus oil group's decision to cut production, stressing that it was not under pressure, after US criticism in this context.


Energy Minister Suhail Al Mazrouei wrote in a tweet, "I would like to confirm that OPEC's recent decision to cut production was a purely technical decision that was taken unanimously, and not a political decision as some try to describe it."


The OPEC Plus group, consisting of the thirteen member states of the Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia and its ten partners led by Russia, decided this month to cut oil production quotas with the aim of supporting crude prices, which were declining.


The White House considered that the decision to cut production, which is in Moscow's interest, means that Riyadh has decided to stand by Russia, while Washington is trying to deprive it of its sources of income, especially in the energy sector, in response to its attack on Ukraine.


Washington also accused the kingdom of "twisting the arm" of other OPEC members "to get what it wants."


However, many of the member states of the group issued similar statements to confirm that the decision to cut production was unanimous.

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The UAE defends the decision to cut production

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