Algiers Declaration: Arab Summit approves decision "OPEC+" cut production

Algeria confirmed in its statement regarding the Arab summit that the summit supports the policy of the OPEC+ group, which includes oil-producing countries, members and non-members of the Organization of the Petroleum Exporting Countries, in the global energy market.

In a statement released today by the 31st session of the Council of the Arab League, Algeria said it “appreciates the prudent policies pursued by the OPEC+ alliance in order to ensure the stability of world energy markets and the sustainability of investments in this sensitive sector, as part of an economic approach that guarantees the protection of the interests of both producing countries and consuming countries.

On October 5, the OPEC+ group announced a decision to cut oil production by two million barrels per day, starting next November, to support markets at a time when they face the risks of lower oil demand due to the economic crisis.

The decision created a state of tension between Washington and Riyadh, with US President Joe Biden saying the implications for Saudi Arabia would be after the OPEC+ decision.

At the same time, White House press secretary Karen Jean-Pierre said that the decision of OPEC + to reduce oil production, which is likely to lead to higher prices in the West, indicates the “bias” of the alliance in relation to Russia.

Source: RT