Page 47 - Pec News Today

The Ministry of Foreign Affairs and International Cooperation (MoFAIC) focused on the technical nature of the decision, and rejected its politicisation

In a statement, the UAE Ministry of Foreign Affairs and International Cooperation expressed support of the UAE for the Saudi Foreign Ministry statement on a review of the oil situations and production cuts, noting that the OPEC+ decision was vote-based collective.

St. Louis Fed President James Bullard said on Friday inflation had become "pernicious" and difficult to arrest, and warranted continued "frontloading" through larger increases of three-quarters of a percentage point. 

The Egyptian Ministry of Foreign Affairs stated in a statement Monday that Egypt supports the Kingdom of Saudi Arabia's position in explaining the technical considerations of the (OPEC +) decision.

The controversial move by OPEC+ represents the largest cut to production since 2020 when it reduced output by a record ten million barrels per day in response to plummeting demand due to the Covid-19 pandemic.

OPEC+ member states lined up on Sunday to endorse the steep production cut agreed this month after the White House, stepping up a war of words with Saudi Arabia, accused Riyadh of coercing some other nations into supporting the move.

Opec Secretary General Haitham Al Ghais said on Sunday that “oil markets are going through a stage of great fluctuations” during his two-day visit to Algie..

Saudi Arabia’s Defense Minister Prince Khalid bin Salman expressed his astonishment at accusing the Kingdom of siding with Russia in its war with Ukraine.

Analysts and energy experts see volatile oil market in near future and said crude prices will fluctuate on geopolitical tensions, Russia-Ukraine crisis and potential...

Opec Secretary General Haitham Al Ghais said on Sunday that “oil markets are going through a stage of great fluctuations” during his two-day visit to Algie..