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
Saudi TV: The United States and Saudi Arabia sign a series of agreements in the fields of energy, defense, and mining
Exclusive source to Al Mayadeen: The talks between Bahbah and Hamad led to the release of the Israeli-American captive Edan Alexander
Exclusive source to Al Mayadeen: Bahbah had obtained official approval from the US administration to begin talks with Hamas
Exclusive source to Al Mayadeen: Suha Arafat played a pivotal role in establishing the channel between Bishara Bahbah and Hamas Political Bureau member Ghazi Hamad two months ago
Exclusive source to Al Mayadeen: Suha Arafat, the widow of late Palestinian President Yasser Arafat, played a key role in opening this channel
Exclusive source to Al Mayadeen: Bishara Bahbah, a Palestinian-American from al-Quds, serves as the main liaison in this communication channel
Exclusive source to Al Mayadeen: There is a functioning and stable communication channel between Hamas and the US administration
Al Mayadeen's correspondent: An Israeli infantry force of 20 soldiers moved into the Bastra farm in southern Lebanon, and machine gun fire targeted the surrounding area
Al Mayadeen's correspondent in southern Lebanon: An Israeli unit advanced toward the al-Majidiyah plain, near a Lebanese army position in the eastern sector
Al Mayadeen's correspondent in southern Lebanon: An Israeli drone targets a motorcycle in the town of Houla

OPEC+ slams buyers dictating oil prices unacceptable: Siluanov

  • By Al Mayadeen English
  • Source: Agencies
  • 24 Oct 2022 10:07
3 Min Read

When "dictations" and "pressures" are mentioned, the US is the buyer insinuated at.

  • x
  • The logo of the Organization of the Petroleum Exporting Countries (OPEC). Source: Reuters Images/Leonhard Foeger.
    The logo of the Organization of the Petroleum Exporting Countries (OPEC) (Reuters)

The Organization of the Petroleum Exporting Countries and non-cartel producers (OPEC+) states slam the act whereby buyers try to dictate oil prices as unacceptable, stressing that those restrictions on their part will lead to the opposite effect, according to the Russian Finance Minister Anton Siluanov. 

The OPEC+ group agreed to cut oil production in early October by 2 million barrels per day beginning in November and intends to take production levels expected for August as a reference point. The move came in response to uncertainty in global oil market outlooks, in a large part caused by Western sanctions on Russian energy products. 

"Naturally, the OPEC countries considered such an approach [the buyer dictating the price] unacceptable for themselves and decided to reduce the volume of production, thus showing that the regulation of the market is up to the manufacturer. Yes, of course, consumers can impose restrictions. But if oil is not supplied under such restrictions, then they will have the opposite effect as a result of rising prices," Siluanov told Russian broadcaster RBK.

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

Related News

Russia to default in debt payment amid stifling sanctions

In the same context, South African President Cyril Ramaphosa welcomed on Sunday the decision of Saudi Arabia and other counties of the Organization of the Petroleum Exporting Countries (OPEC) to decrease oil production to stabilize the global energy market, he was quoted as saying by his press office.

"President Ramaphosa has welcomed the decision by the Kingdom of Saudi Arabia and other OPEC countries to focus on price stabilization in their management of oil production," the statement read.

In another event, Iraq called for dialogue on October 19 in order to resolve differences that have arisen in connection with the OPEC+ decision to cut oil output and rejects the policy of pressure on the alliance's countries, according to an Iraqi Foreign Ministry statement obtained by Sputnik.

"The Iraqi Foreign Ministry rejects any policy aimed at exerting pressure and supports the position of OPEC, including Saudi Arabia," the statement read.

The Ministry emphasized that within the organization, a "technical point of view related to stability in the oil markets, their requirements, organization of the supply and demand process, protection of the interests of consumers and producers" is expressed.

Read next: WH considers recommending US firms of pulling out from Saudi Arabia

  • Anton Siluanov
  • Russia
  • OPEC+
  • Saudi Arabia

Most Read

Trump cut off contact with Netanyahu, senior Israeli official says

Trump cut off contact with Netanyahu: Israeli media

  • US & Canada
  • 9 May 2025
Pakistan downs an Indian jet and hits a military base in Kashmir escalation.

Pakistan downs 3 Indian jets, hits military base in Kashmir escalation

  • Politics
  • 7 May 2025
A Yemeni gunman walks past paintings depicting rockets and scenes in solidarity with Gaza, displayed on a roadside fence in Sanaa, Yemen, Monday, May 5, 2025 (AP)

Oman brokers US-Yemen ceasefire, Israelis in dark regarding deal

  • Politics
  • 6 May 2025
Saree

Yemeni Armed Forces target key Israeli sites, USS Truman

  • MENA
  • 7 May 2025

Coverage

All
Gaza prevails against genocide

Read Next

All
US President Donald Trump and Saudi Crown Prince Mohammed bin Salman greet delegations during an arrival ceremony at the Royal Palace in Riyadh, Saudi Arabia, May 13, 2025 (AP/Alex Brandon)
MENA

Trump pushing AI chip deals in Saudi, UAE trip

Raed Zaharna, right, and his sister Sally sit in their family tent after their mother, Ward, returned empty-handed from trying to receive donated food at a community kitchen in Khan Younis, in the southern Gaza Strip, May 9, 2025 (AP/Abdel Kareem Hana)
MENA

Gaza hunger crisis: Medecins du Monde condemns 'Israel'

FILE - This combo shows Iranian Foreign Minister Abbas Araghchi, left, pictured in Tehran, Iran, on Feb. 25, 2025 and Steve Witkoff, right, White House special envoy, pictured in Washington, on March 19, 2025. (AP Photos Stringer, Mark Schiefelbein)
Politics

Poll: Americans overwhelmingly prefer diplomacy on Iran

A person rides past the Google sign outside the Google offices in Sunnyvale, California, April 18, 2024 (AP/Terry Chea)
Technology

Google signed off on Project Nimbus despite warnings of misuse

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