Saudi Arabian Foreign Minister defends OPEC+ output cut decision

Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan told Al Arabiya late Wednesday that they defend the recent decision by OPEC+ to cut oil output.

Key quotes

“Saudi Arabia completely rejects statements critical of the kingdom following the OPEC+ decision on October 5th.”

“The OPEC+ decision was unanimous, took supply and demand into account, and aims to reduce market volatility.”

“During consultations with the US administration, Saudi Arabia stressed that postponing the oil cut for a month, as proposed, would have negative economic consequences.”