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
Tebboune: Achieving economic integration must not remain a dream.
Algerian Foreign Minister Ahmed Attaf delivers a speech on behalf of Algerian President Abdelmadjid Tebboune at the Fifth Arab Development, Economic, and Social Summit in Baghdad.
Mustafa: We reaffirm our commitment to work with our brothers and friends around the world for stability and an end to wars.
Palestinian Prime Minister Mohammad Mustafa: We stress the importance of reaching an agreement to implement the initiatives of the Development, Economic, and Social Summit.
Aboul Gheit: The global economy is going through a period of turbulence.
Aboul Gheit: Concrete solutions must be found for the issue of Arab food security in line with the strategy proposed at the Arab Summit in Baghdad.
Aboul Gheit: Arab national security is an integrated whole that cannot be achieved without food, social, cyber, and other forms of security.
Arab League Secretary-General Ahmed Aboul Gheit: We present a comprehensive Arab strategy for food security at the Arab Development Summit.
The closing statement of the Arab Summit: We reaffirm our absolute rejection of the displacement of the Palestinian people and call for the delivery of aid to the Gaza Strip.
The closing statement of the Arab Summit: The goal of the Arab Summit is to unify our efforts and achieve the interests of the peoples of our region.

South African President welcomes OPEC+ production cuts

  • By Al Mayadeen English
  • Source: Agencies
  • 23 Oct 2022 23:54
3 Min Read

South Africa voices support for OPEC+'s decision to decrease its oil production output as the West grows more concerned about it.

  • x
  • South African President Cyril Ramaphosa and Saudi Crown Prince Mohammed bin Salman
    South African President Cyril Ramaphosa and Saudi Crown Prince Mohammed bin Salman

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.

According to the South African leader, hikes in energy prices have been causing higher fuel costs in his country, especially increasing the pressure on small businesses, consumers, and households. 

Ramaphosa "appreciated the development as a measure that could provide relief to South Africa's pressured economy," the statement concluded.

Iraq was the latest country to support OPEC's decision to cut its oil output, rejecting the West's policy of pressuring the alliance's countries.

In recent days, the 13-nation OPEC+ and its 10 allies infuriated the White House by resolving to cut production by two million barrels per day beginning in November, fueling fears that oil prices may spike.

Related News

Trump to hold phone calls with Putin, Zelensky amid ceasefire push

Trump foreign gifts raise alarms over ethics, influence amid Gulf ties

The US is concerned that OPEC's decision to reduce oil production would pose serious problems for the country and may even be interpreted as a hostile act, according to a US Treasury report.

Following the decision, US President Joe Biden vowed that "there will be consequences" for US relations with Saudi Arabia.

Prior to the decision, US officials reached out to their counterparts in Saudi Arabia and other Gulf producers with an appeal to delay the decision, according to people familiar with the conversations. However, the answer was nothing else than a resounding "no".

Biden, according to National Security Council Spokesperson John Kirby, believes that the US should examine its relationship with Saudi Arabia in light of the OPEC+ decision "and take a look to see if that relationship is where it needs to be and that it is serving our national security interests." Kirby stated that the US President was willing to meet with members of Congress to discuss the bilateral relationship.

Biden had also tried to convince the organization to increase its oil output in a bid to cool the red-hot energy prices, traveling to Saudi Arabia with hopes of persuading Saudi Arabia to promise to increase its oil output and relieve the pressure on the global supply chain.

However, the price of oil rose even further after he left West Asia without striking a deal with Saudi Arabia on Riyadh pumping out more oil.

Saudi Foreign Minister Adel Al-Jubeir denied all allegations that OPEC+'s decision was directed at the US and stated that its aim was to stabilize the global market amid a slowing economy.

  • United States
  • OPEC
  • South Africa
  • OPEC+
  • Saudi Arabia

Most Read

Two F-35 jets arrive at it's new operational base Wednesday, Sept. 2, 2015, at Hill Air Force Base, in northern Utah. (AP)

F-35 near-misses over Yemen signal new risks for 'Israel': Forbes

  • Politics
  • 14 May 2025
Palestinians pray over bodies of people killed in the Israeli bombardment who were brought from the Shifa hospital before burying them in a mass grave in the town of Khan Younis, southern Gaza Strip, Wednesday, Nov. 22, 2023. (AP )

Gaza casualty figures mask a much bigger horror, new study shows

  • Politics
  • 11 May 2025
Abu Obaida

Abu Obeida posts shortly after Israeli reports about his assassination

  • Palestine
  • 15 May 2025
Gaza and the logic of necropolitics: Sovereignty measured by killing

Gaza and the logic of necropolitics: Sovereignty measured by killing

  • Politics
  • 15 May 2025

Coverage

All
Gaza prevails against genocide

Read Next

All
A Microsoft sign and logo are pictured at the company's headquarters, Friday, April 4, 2025, in Redmond, Wash. (AP)
Technology

Microsoft admits supplying AI to 'Israel' amid Gaza carnage

Israeli occupation’s tanks parked in a staging area near the border with Gaza, Friday, May 16, 2025. (AP)
Politics

'Israel' launches multi-axis assault in Gaza under 'Gideon’s Chariots'

People stand at the train ticket counter of NJ Transit at Penn Station, amid a strike by New Jersey Transit train engineers, in New York, Friday, May 16, 2025. (AP)
Economy

Commuters stranded amid first New Jersey railway strike in 40 years

Trump's tax bill stalls as Republican opposition demands deeper cuts
US & Canada

Trump's tax bill stalls as Republican opposition demands deeper cuts

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