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  4. OAPEC Sec Gen says OPEC+ decision to cut oil production 'correct'
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OAPEC Sec Gen says OPEC+ decision to cut oil production 'correct'

CAIRO (Reuters) - The secretary general of the Organization of Arab Petroleum Exporting Countries (OAPEC) said on Saturday that the OPEC+ decision to cut its oil production target...
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OAPEC Sec Gen says OPEC+ decision to cut oil production 'correct' © Reuters

CAIRO (Reuters) - The secretary general of the Organization of Arab Petroleum Exporting Countries (OAPEC) said on Saturday that the OPEC+ decision to cut its oil production target is correct, and was taken at the right time.

The decision took into account the uncertainty surrounding the performance of the global economy, and was in line with the successful approach taken by OPEC+ in taking proactive steps to avoid any oil market imbalances, especially on the demand and supply sides, OAPEC secretary general Ali bin Sabt added in a statement.

OAPEC comprises Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria, Tunisia and the United Arab Emirates.

The 13-member Organization of the Petroleum Exporting Countries (OPEC) and its allies, which include Russia, lowered their production target by 2 million barrels per day when they met on Oct. 5.

The move came even though fuel markets remain tight, with inventories in major economies at lower levels than when OPEC has cut output in the past.

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01-05-2024 10:45:17 (UTC+7)

EUR/USD

1.0658

-0.0008 (-0.07%)

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Moving Avg:

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Indicators:

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EUR/USD

1.0658

-0.0008 (-0.07%)

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↑ Sell

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Sell (12)

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GBP/USD

1.2475

-0.0015 (-0.12%)

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↑ Sell

Moving Avg:

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Indicators:

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USD/JPY

157.91

+0.12 (+0.07%)

Summary

↑ Buy

Moving Avg:

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Indicators:

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AUD/USD

0.6469

-0.0003 (-0.05%)

Summary

Neutral

Moving Avg:

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USD/CAD

1.3780

+0.0003 (+0.03%)

Summary

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EUR/JPY

168.32

+0.10 (+0.06%)

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EUR/CHF

0.9808

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Gold Futures

2,295.80

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26.677

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4.5305

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85.62

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S&P 500

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DAX

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FTSE 100

8,144.13

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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