Thursday 25th Jul 2024
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Saudi Arabia

Government endorses OPEC+ decision to cut oil output as prompted by Saudi

The Maldivian government has expressed its support for the Organisation of Petroleum Exporting Countries and its allies (OPEC+) to cut oil production as prompted by Saudi Arabia.
In its first in person meeting since the pandemic, OPEC+ cut oil production by 2 million bpd starting in November, stating that the decision was based on the global economic and oil market volatility.
While the United States of America amongst a few other countries have accused Saudi Arabia of coercing some nations into supporting the move. The President of the USA, Joe Biden, inferred that Saudi’s decision can lead to devastating results.
The statement released by the Ministry of Finance declared the government’s endorsement for Saudi’s motion and that OPEC+’s decision roots explicitly from the economic needs of the global market. The government stated that OPEC’s decision is not politically motivated and has the potential to bring order to the global oil market.
Additionally, the statement noted the importance of managing the uncertainty of the global oil markets for developing countries such as the Maldives and thanked the Saudi Arabian government for their efforts to improve global economy.