OPEC Says Supply Surplus Was Main Reason for Oil Production Cut
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An excess of supply in the oil market was the main reason for OPEC+ opting to cut production earlier this month, according to the group’s secretary-general.
“We see a surplus in the fourth quarter,” Haitham al Ghais told reporters at the Adipec energy conference in Abu Dhabi. “We also see a surplus in early parts of 2023 because of the great uncertainties surrounding the economic growth forecasts. That was the main reason we took the decision to be proactive.”