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OPEC+ oil output cut aims to promote market stability: Saudi minister

Photo taken on Sept. 5, 2022 shows the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria. (Photo by Wang Zhou/Xinhua)

RIYADH, Sept. 7 (Xinhua) -- The Saudi Arabian energy minister said the decision of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, to reduce oil production is aimed to promote market stability, the Saudi Press Agency (SPA) reported Wednesday.

The decision showed that the organization was attentive, pre-emptive and proactive in supporting the market's stability to the benefit of the industry, Abdulaziz bin Salman was quoted by SPA as saying.

This was a reversion to the production level of August and the addition of the 100,000 barrels in September was always intended as a measure for that month only, he explained.

Photo taken on June 28, 2021 shows the industrial estate of Saudi oil giant Aramco in Dammam, Saudi Arabia. (Xinhua/Hu Guan)

"We are seeing mixed signals in relation to economic growth from different parts of the world, and there has been a tendency toward exaggeration in some of the negative analyses of the global economic situation," the Saudi minister said.

Data indicates recessions with limited oil demand contractions, or even demand growth in recession years, as in 1991, he added.

On Sept. 5, the OPEC+ decided to cut crude production by 100,000 barrels per day in October from its September level, according to an OPEC statement released after the 32nd OPEC and non-OPEC Ministerial Meeting.