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Asharq Al-Awsat
Asharq Al-Awsat
Business
London - Asharq Al-Awsat

OPEC Head: Uncertainty Over Demand, Global Economy are the Reasons for the Cut, Not Politics

OPEC Economy Oil Clement Beaune Haitham AlGhais Russia Petrol Petroleum Saudi Arabia
OPEC's Secretary-General Haitham al-Ghais (EPA)

The reduction in oil production targets more spare capacity in case of any global emergency, OPEC's Secretary-General Haitham al-Ghais has announced.

The 13 members of the Organization of the Petroleum Exporting Countries (OPEC) and 11 of its allies led by Russia, known as OPEC+, agreed on Wednesday to lower their production by two million barrels per day.

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