Experts described the move, which was adopted by Saudi Arabia and international producers, as a new pillar that takes into account the conditions of the global economy, amid the crises hitting the financial and banking sector, the
news site adds.
Dr. Mohammad Al-Sabban, former senior adviser to the Saudi Minister of Energy, told Asharq Al-Awsat that "the decision of some members of OPEC+ was not new, as Saudi Arabia had voluntarily reduced its production by one million barrels per day over the past year. The latest move is a proactive and precautionary step by the producing countries that would take in the effects of the reduction until the end of the year".
The OPEC+ alliance is historically successful, and achieves economic stability in the oil markets, he said, adding that the group was also concerned with creating a balance between supply and demand, the article adds.
