Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al Mayadeen's correspondent in South Lebanon: One martyred in the Israeli drone strike on a car in the town of Kawnin
Al Mayadeen's correspondent in South Lebanon: Israeli drone targets a car in the town of Kawnin
Naeini: If our national interests are attacked again, our response this time will be stronger and more destructive
Naeini: The war has proven that the settlers are defenseless against Iranian missile and drone forces
Naeini: Trump lacks an understanding of the true strength of the Iranian people and is so deluded as to believe he can change the reality of Iran's victory
Naeini: The defeat led to Trump's confusion and loss of balance, which was reflected in his ill-considered statements
IRGC spokesperson Brigadier General Mohammad Naeini: Trump's statements are a result of his defeat against Iran, and we advise him to abandon absurd policies
Gaza Government Media Office: The number of children martyred due to malnutrition has risen to 66
Saree: Loyal Yemen will not abandon its religious, moral, and humanitarian duties toward the Palestinian people
Saree: Over the past week, we carried out military operations targeting sensitive sites and military installations in Beer al-Sabe', Yafa, and Haifa via a number of ballistic missiles and drones, which were all successful

Saudi Energy Minister: OPEC's decision was unanimous

  • By Al Mayadeen English
  • Source: Agencies
  • 17 Feb 2023 10:01
  • 1 Shares
3 Min Read

OPEC's decision to drop oil production will remain in place until the end of the year despite early signs of increased oil demand.

  • x
  • The logo of the Organisation of the Petroleum Exporting Countries (OPEC) sits outside its headquarters ahead of the OPEC and NON-OPEC meeting, Austria December 6, 2019. (REUTERS)
    The logo of the Organisation of the Petroleum Exporting Countries (OPEC) sits outside its headquarters ahead of the OPEC and NON-OPEC meeting, Austria, December 6, 2019. (Reuters)

Citing economic challenges such as high inflation and interest rate increases since last year, OPEC (The Organization of the Petroleum Exporting Countries) cut its forecast for 2022 global oil demand growth – planning to cut next year’s as well if the situation remains.

Saudi Energy Minister Abdulaziz bin Salman Al Saud said on Thursday that the alliance’s agreement to reduce oil production will remain in action until the end of the year 2023 despite increased oil demand. This is because early signs of rising demand are not enough to reverse the agreement.

"The current OPEC+ deal to reduce oil production will remain in effect until the end of 2023 because we cannot increase production only on the basis of initial signals of rising demand," the minister told Saudi Arabian broadcaster Asharq News. 

The minister added that he "cannot predict demand in the market" and will only believe in increased demand when he really sees it.

OPEC+ reduced crude production to 9.7 million barrels per day back in May 2020 after the outbreak of Covid-19 following a drop in oil demand. Due to global energy market uncertainty and with a unanimous decision, the alliance again decided to reduce production by 2 million barrels per day in October.

Related News

EU military spending hits critical economic limit, Russia warns

Trump signals new US tariffs, warns trading partners of imminent hikes

Recent meetings have shown no potential change in OPEC’s terms of the output deal to this day.

Read more: OPEC+ agrees to stick to oil production plan

Despite other countries expressing serious concerns about the decision, it continues to remain in place. The US is concerned that OPEC's probable decision to reduce oil production will pose serious problems for Washington and may even be interpreted as a hostile act, according to a US Treasury report.

The Biden administration assembled its top energy, economic, and foreign policy officials to attempt to convince their Middle East allies, such as Saudi Arabia, the United Arab Emirates, and Kuwait to vote against decreasing oil production.

This has led the US to reevaluate its ties with the Kingdom ever since its support for the decision to lower oil production as it affects US national security interests. Concerned with the decision, the US administration viewed the decision as a hostile act, according to a US Treasury report. US officials went on to propose that the US stop providing weapons to KSA 

Read more: US re-evaluating ties with KSA following OPEC+ decision: WH

 

The ministry assured countries who heavily criticized this position that since one is unable to predict future demands o the oil market, the agreed-upon decision was made jointly with members of the alliance; it is not solely Saudi Arabia’s decision.

  • economy
  • Russia
  • Oil Production
  • OPEC+
  • Oil prices
  • Saudi Arabia

Most Read

Iranian President Masoud Pezeshkian attends a protest following the US attacks on nuclear sites in Iran, in Tehran, Iran, Sunday, June 22, 2025. (AP)

Iran declares victory as ceasefire forces Israeli retreat

  • Politics
  • 24 Jun 2025
Israeli workers survey the site where a missile launched from Iran struck in Haifa on Sunday, June 22, 2025. (AP)

True Promise 3, wave 20: 40 missiles launched, Kheibar-Shekan in first

  • Politics
  • 22 Jun 2025
Iran launches strikes on Israeli targets, despite alleged ceasefire

Iran victorious as ceasefire with 'Israel' takes effect

  • Politics
  • 24 Jun 2025
Iranian worshippers carry their country's flags in a protest to condemn Israeli attacks on multiple cities across Iran, after the Friday prayers ceremony in Tehran, Iran, Friday, June 20, 2025. (AP)

Iran warns of NPT withdrawal, Strait of Hormuz closure after US attack

  • Politics
  • 22 Jun 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Israeli occupation soldiers search for settlers amid the rubble of buildings destroyed by an Iranian missile strike in Bat Yam, central occupied Palestine, on Sunday, June 15, 2025 (AP)
Politics

Iran missile strike flattens Bat Yam, displaces 2,000 settlers

Palestinian fighters from the Islamic Jihad militant group riding on a truck with weaponry on display take part in an anti-Israel parade marking the 36th anniversary of the movement's founding, in Gaza City, Wednesday, Oct. 4, 2023 (AP)
Politics

Palestinian Resistance attacks Israeli forces in Khan Younis, Jabalia

Iranian Foreign Minister Abbas Araghchi stands waiting to meet Russian President Vladimir Putin for the talks at the Kremlin in Moscow, Russia, Monday, June 23, 2025 (AP)
Politics

Iran suspends IAEA cooperation, Araghchi blames Grossi for attacks

The commander of the Quds Force's Palestine Unit, Brigadier General Mohammad Said Izadi (Illustrated by Mahdi Rtail for Al Mayadeen English)
Politics

Who was Mohammad Said Izadi, head of the Quds Force's Palestine Unit?

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS