Egypt "closely follows reactions" from OPEC+ oil production cut decision

STORY: Egypt "closely follows reactions" from OPEC+ oil production cut decision DATELINE: Oct. 18, 2022 LENGTH: 0:00:55 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of the headquarters of the Egyptian Foreign Ministry STORYLINE: In a statement issued by the Egyptian Ministry of Foreign Affairs on Monday, Egypt said it was closely following the reactions from the recent OPEC+ decision to slash its daily oil production. On Oct. 5, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, announced a major production cut of 2 million barrels per day (bpd) starting November to bolster oil prices that have recently tumbled over recession fears. The reduction equals around 2 percent of this year's global oil demand, which is estimated by OPEC at around 100 million bpd. Egypt also said it supported Saudi Arabia's stance in explaining the technical considerations of the OPEC+ decision, which aims primarily to achieve oil market discipline, and to ensure the s

• Product Code
• ILEA001027741

• Registered date
• 2022/10/18 00:00:00

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• Xinhua / Kyodo News Images

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• Xinhua News Agency.All Rights Reserved

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• 1920 × 1080 pixel

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