Oil output cut: Saudi Minister says OPEC+ doing right job to ensure stable market

New Delhi

OPEC kingpin Saudi Arabia on Friday defended the oil cartel and its partners' decision to cut crude oil production, saying they were doing the right job to ensure a stable and sustainable market.

OPEC+ earlier this month decided to cut crude oil production quota by 2 million barrels per day, starting in November, to prop up sagging oil prices.

Saudi Arabia, which co-chairs the OPEC+ alliance with Russia, has been under fire from the U.S. for the output cut at a time when many forecasters are expecting oil demand to rise.

OPEC+ alliance "is doing the right job to ensure stable and sustainable oil markets", said Saudi Energy Minister Abdulaziz bin Salman here.

The Minister is on a day-long visit to prepare the grounds for Saudi Prime Minister and Crown Prince Mohammed bin Salman's trip to India next month.

Since the OPEC+ decision on October 5, Dated Brent peaked at $98.775 per barrel on October 7 and was down to $91.35 on Friday.

The UAE, Iraq and OPEC's secretary general have backed the oil production quotas cut after claims by the U.S. that some producers were under pressure to back the decision led by Saudi Arabia.