The decision of OPEC Plus in the reduction of oil production was purely economic, Foreign Minister

Riyadh: Saudi Foreign Minister Prince Faisal bin Farhan says that the decision of OPEC Plus in the reduction of oil production was purely economic.

While giving a counterview to Al Arabiya News Channel, the Saudi Foreign Minister said that the recent OPEC Plus decision to reduce the production target of the oil cartel by 20 lakh barrels per day has been made purely for economic reasons.

He said that in the meeting held on Wednesday last week, the energy ministers of the oil producing countries, which are members of this group, have agreed on the decision of OPEC Plus, which will come into effect from next month.

He said that the OPEC plus countries have acted responsibly and made appropriate decisions. The OPEC plus countries want to achieve stability in the market, the interests of oil producers and consumers.

He further said that Riyadh and Washington have strategic relations that support regional security, military cooperation between Saudi Arabia and the United States is in the interest of both countries and has contributed to the stability of the region.

Talking about the war between Russia and Ukraine, he said that we want to bring the parties of the Ukrainian crisis to a dialogue to end the conflict.

He said that the efforts for ceasefire are also going on in Yemen. The Yemeni government has shown great flexibility and responsibility in its efforts to protect the country’s interests.

Regarding the talks with Iran, the minister said that they have not yielded any concrete results yet and the kingdom is considering entering the sixth round of negotiations.

On the subject of relations between Saudi Arabia and China, Prince Faisal said that they are primarily economic and with this in mind, many joint projects are underway between the two countries.

The minister also expressed hope that Iraq would “overcome the political crisis that is currently affecting it.”

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