SArabia, UAE defend OPEC decision to cut production

Saudi Arabia and the United Arab Emirates defended a decision by OPEC (Organization of the Petroleum Exporting Countries) and its allies to cut oil production, even as an American envoy warned of “economic uncertainty” ahead for the world.

Prince Abdulaziz bin Salman, Saudi Arabia Energy Ministern said "We need to work also with our friends in Egypt to make their COP27 a successful one because we need to build from that success to another success hopefully next year in Abu Dhabi when Abu Dhabi hosts the COP28. We don't owe it to anybody but us. Our countries also have similarities. It was done for us, by us, for our future, and we need to commit ourselves to that too."

Analysts in the U.S. and Europe warn a recession looms in the West from inflation and subsequent interest rate hikes, as well as food and oil supplies.