Iraq, Algeria, Oman, Kuwait and Bahrain Affirm Support for OPEC+ Production Cut

Assurances from OPEC members on the importance of reducing production refute US allegations (Reuters)
Assurances from OPEC members on the importance of reducing production refute US allegations (Reuters)
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Iraq, Algeria, Oman, Kuwait and Bahrain Affirm Support for OPEC+ Production Cut

Assurances from OPEC members on the importance of reducing production refute US allegations (Reuters)
Assurances from OPEC members on the importance of reducing production refute US allegations (Reuters)

OPEC+ member states lined up on Sunday to endorse the production cut agreed this month after the US had accused Riyadh of coercing some other nations into supporting the move.

Algeria's Energy Minister Mohamed Arkab called the decision “historic” and expressed his full confidence in it, Algeria's Ennahar TV reported.

“There is complete consensus among OPEC+ countries that the best approach in dealing with the oil market conditions during the current period of uncertainty and lack of clarity is a pre-emptive approach that supports market stability and provides the guidance needed for the future,” Iraq's state oil marketer SOMO said in a statement.

Iraq is OPEC’s second largest oil producer.

SOMO’s statement explained that “there is a close link between the demand for oil and the growth of the global economy, as one is greatly affected by the other.”

The International Monetary Fund (IMF) had indicated that the global economy is on the verge of recession at a very large rate.

“If a global recession takes place, it will reduce the demand for crude oil,” SOMO explained, adding that the oil production cut decision by OPEC+ was necessary to achieve market balance considering the deteriorating situation.

Kuwait Petroleum Corporation Chief Executive Officer Nawaf Saud al-Sabah also welcomed the decision by OPEC+ and said the body was keen to maintain a balanced oil market, state news agency KUNA reported.

Oman and Bahrain said in separate statements that OPEC had unanimously agreed on the reduction.

Oman’s Energy Ministry said that the decision to cut oil production by 2 million barrels per day was necessary to reassure the market and stabilize it.

The ministry said that OPEC+ decisions are based on purely economic considerations and realities of supply and demand in the market.

The Organization of Arab Petroleum Exporting Countries (OAPEC) said on Saturday that the decision of OPEC+ to cut its oil production target was exact and was taken at the right time.

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



China Expands Visa-free Entry to More Countries in Bid to Boost Economy

Shoppers with their purchased goods walk past a popular outdoor shopping mall in Beijing, on Nov. 14, 2024. (AP Photo/Andy Wong)
Shoppers with their purchased goods walk past a popular outdoor shopping mall in Beijing, on Nov. 14, 2024. (AP Photo/Andy Wong)
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China Expands Visa-free Entry to More Countries in Bid to Boost Economy

Shoppers with their purchased goods walk past a popular outdoor shopping mall in Beijing, on Nov. 14, 2024. (AP Photo/Andy Wong)
Shoppers with their purchased goods walk past a popular outdoor shopping mall in Beijing, on Nov. 14, 2024. (AP Photo/Andy Wong)

China announced Friday that it would expand visa-free entry to citizens of nine more countries as it seeks to boost tourism and business travel to help revive a sluggish economy.
Starting Nov. 30, travelers from Bulgaria, Romania, Malta, Croatia, Montenegro, North Macedonia, Estonia, Latvia and Japan will be able to enter China for up to 30 days without a visa, Foreign Ministry spokesperson Lin Jian said.
That will bring to 38 the number of countries that have been granted visa-free access since last year. Only three countries had visa-free access previously, and theirs had been eliminated during the COVID-19 pandemic.
The permitted length of stay for visa-free entry is being increased from the previous 15 days, Lin said, and people participating in exchanges will be eligible for the first time. China has been pushing people-to-people exchange between students, academics and others to try to improve its sometimes strained relations with other countries, The Associated Press reported.
China strictly restricted entry during the pandemic and ended its restrictions much later than most other countries. It restored the previous visa-free access for citizens of Brunei and Singapore in July 2023, and then expanded visa-free entry to six more countries — France, Germany, Italy, the Netherlands, Spain and Malaysia — on Dec. 1 of last year.
The program has since been expanded in tranches. Some countries have announced visa-free entry for Chinese citizens, notably Thailand, which wants to bring back Chinese tourists.
For the three months from July through September this year, China recorded 8.2 million entries by foreigners, of which 4.9 million were visa-free, the official Xinhua News Agency said, quoting a Foreign Ministry consular official.