{"id":1677334,"date":"2022-10-07T06:05:45","date_gmt":"2022-10-07T10:05:45","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1677334"},"modified":"2022-10-07T06:06:22","modified_gmt":"2022-10-07T10:06:22","slug":"oil-target-cuts-free-up-capacity-in-case-of-crises-opec-head-says","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-target-cuts-free-up-capacity-in-case-of-crises-opec-head-says\/","title":{"rendered":"Oil target cuts free up capacity in case of crises, OPEC head says"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Foil-target-cuts-free-up-capacity-in-case-of-crises-opec-head-says%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1677334&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By Nadine Awadalla and Maha El Dahan<\/p>\n<p>DUBAI (Reuters) -Oil output target cuts agreed by OPEC+ producers will leave them more supply to tap in the event of any crises, OPEC Secretary General Haitham al-Ghais told Al Arabiya TV on Friday.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\">\n<\/div>\n<p>OPEC+, which includes the 13 members of OPEC and 10 allies led by Russia, agreed on Wednesday to lower their output target by 2 million barrels per day.<\/p>\n<p>OPEC\u2019s de facto leader Saudi Arabia said the move was necessary to respond to rising interest rates in the West and a weaker global economy.<\/p>\n<p>The decision was criticised by the United States where the White House said it was a sign the group was aligning itself with Russia.<\/p>\n<p>U.S. President Joe Biden also faces mid-term elections next month in which high energy prices are a hot topic.<\/p>\n<p>\u201cThis was not a decision from one country against another, and I want to be clear in saying this, and it\u2019s not a decision from two or three countries against a group of other countries,\u201d said Ghais.<\/p>\n<p>\u201cThere are strong indicators that there is a high  possibility that recession will happen, we decided in this meeting to be pre-emptive.\u201d<\/p>\n<p>Western nations worry higher energy prices will hurt the fragile global economy and hinder efforts to deprive Moscow of oil revenue following its invasion of Ukraine.<\/p>\n<p>European Union sanctions on Russian crude and oil products are also set to take effect, in December and February, respectively. <\/p>\n<p>Asked about the sanctions and a European Union proposal to cap the price of Russian oil, OPEC\u2019s Ghais said he could not comment. <\/p>\n<p>\u201cThe truth is, the shape of these proposed sanctions is not quite clear, and how they will be implemented is also unclear, so we cannot comment.\u201d <\/p>\n<p>Ghais also said OPEC+ does not target prices: \u201cWe are not targeting a price, we are targeting a balance in supply and demand.\u201d <\/p>\n<p> (Reporting by Nadine Awadalla and Maha El Dahan; editing by David Goodman and Jason Neely)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/business\/output-target-cuts-free\/attachment\/opec-holds-a-meeting-in-vienna-10\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/tagreuters.com2022binary_LYNXMPEI960ED-BASEIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI960ED-BASEIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Nadine Awadalla and Maha El Dahan DUBAI (Reuters) -Oil output target cuts agreed by OPEC+ producers will leave them more supply to tap in the event of any crises,<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1677334","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1677334","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1677334"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1677334\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1677334"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1677334"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1677334"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}