Bahrain: OPEC+ output cut decision taken unanimously

Bahrain: OPEC+ output cut decision taken unanimously

Bahrain's oil minister and special envoy for climate affairs Mohamed bin Mubarak bin Daina said that the OPEC+ decision to cut oil output by 2 million barrels per day was taken unanimously and after a thorough technical study of the global market conditions and developments, state news agency (BNA) reported.

Member states are keen to take decisions that aim to stabilise oil markets, and the group will study any economic developments to ensure the stability of global markets and supplies, and the balance between the interests of producers and consumers, the minister added.

"The decision was made following specialised technical studies related to global oil market developments," said Bahrain's special envoy for climate affairs.

Washington pushed back on the move and described the decision to cut oil production as a politically motivated move favouring Russia.  "In recent weeks, the Saudis conveyed to us - privately and publicly - their intention to reduce oil production, which they knew would increase Russian revenues and blunt the effectiveness of sanctions," White House National Security Council spokesman John Kirby said on Thursday.