OPEC Secretary-General Praises The Saudi Voluntary Oil Production Cut

Baghdad, OPEC Secretary-General Mohammed Barkindo praised today, Wednesday, the Saudi voluntary reduction in its oil production, which will help the market in the midst of a seasonal decline in demand for crude in the first quarter of the year.

Barkindo added during an online forum, that: Global oil stocks are very high, whether in the OECD countries or elsewhere.

Saudi Arabia, the largest producer in the Organization of the Petroleum Exporting Countries (OPEC), surprised the market earlier this month when it pledged to cut its production by an additional one million barrels per day in February and March.

 

Source: National Iraqi News Agency

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