OPEC decision to cut oil output has nothing to do with politics -- Al-Ghais

ALGIERS, Oct 16 (KUNA) -- Secretary-General of OPEC Haitham Al-Ghais said Sunday the recent decision to reduce oil production followed study of the performance of world economy "away from politics." "The study of the economic outlook for 2023 showed that demand for oil would decline, so it was necessary to make a precautionary decision to cut the glut," he said, noting that the decision was unanimously made.
Al-Ghais made the press remarks after his talks with Algerian President Abdelmadjid Tebboune and Minister of Energy and Mining Mohammad Arkab.
OPEC's decisions do not target prices, he said, citing as evidence the decline of prices following the agreement to reduce production on October 5 compared with previous price levels.
"These decisions, including the recent one to cut production by two million barrels per day, are always unanimously made and aim primarily to ensure energy security for the generations of the future," he explained.
Al-Gheis affirmed that OPEC's decisions are practical and technical, and have nothing to do with politics.
He praised Algeria "pivotal role" in the Organization, noting that some countries have applied for OPEC membership without naming them.
Al-Gheis, of Kuwait, arrived in Algiers earlier Sunday, leading a delegation from the Organization on a three-day working visit to debate the latest developments of the global oil market. (pickup previous) mr.rg.gb