– Secretary-General of the Organization of Arab Petroleum Exporting Countries (OAPEC) Ali Bensabt Saturday defended the recent resolution adopted by the OPEC+ to cut output by two million barrels per day as of November, as ensuring global market stability and balance.

“It is a correct decision that has taken into consideration uncertainty about the performance of the global economy whose growth is forecast to fall by three percent by 2023,” he said in a press statement.

He added that the OPEC+’s move came at the right time and was in tandem with the group’s fruitful approach purposed to take preemptive steps to fend off any looming imbalances at the oil market, especially regarding supply and demand.

He added that the main goal of the resolution is to ensure a stable and balanced global oil market with acceptable prices to all parties.

Source: Kuwait News Agency