and you can see it in front of you. the operative model is very simple and we urge other international organization to copy and paste. because at least we have a record to show that we have been successful. that we always opted for making sure that we are a tentative and to be a tentative, you have to be a cert and prevent preemptive and certainly ahead of the curve, which means you have to be proactive. it is a simple principle that we found ourselves deploying that deployment, had enabled us to maintain a sustainable oil market. and if you compared what of it plus had

achieved compared to what others have been trying to achieve? i leave it for your own judgment to do that, the appraisal, and to give us that grid that i think we own because it was not something that happened to have hazard or as a stroke of a genius luck or a chalk, or as a, as a being fortunate her let's not forget also that with doing so and being festive and celebrity of what we have achieved. we also conducted ourselves discharging our commitment to the global economy.

and we have and continue and shall continue our commitment to the world economy to the betterment of the producers and consumers. whatever actions that we have taken, whatever action we have taken today. and whatever action we may take in the future, we will demonstrate to you now and even after that, it was all done with the view that we need to be attentive to the word requirements in word commitment. so we are discharging our commitment. we would continue discharging our commitment and we will continuously prove that our pick less is here not only to stay, but here to stay has their moderating force to bring about stability. and

a better went to the owner of a supporting anomaly to the word economy. we are also mindful of a fact that sometimes keeps people in going through all these things, which is not only we are mindful of our own well being as countries or as national oil companies operators within our borders. but what we do is very crucial and very important to either explore tink counties that are not members of our pick plus. and i have to say also to either importing countries, but do have a good share of there are requirements is being produced located. and the examples are many energy as something that can never be attended

to in a short term tweaks and moves the word energy markets need needs attendance and needs careful planning and needs assertive investments and needs commitment to this investment and needs guidance without which investment would not have been without which investors would not be there and without which, as you can see, with your own eyes, it would be come a quibbling anomaly to the world economy. this is what we have been going through when it comes to supply chase. this is what is happening or to when it comes to energy markets. i have when some think to show you, you know me very well. most of you have been friends of mine for quite some time.

which is your friendship that i would continue cherish and be proud of that i would like to share with you wednesday night, although you know me, i need to talk about oil prices. i do not make oil prices an issue for me. however, i will show you with a glimpse silver chart. what of his glass has succeeded with and what others had failed to do? can you click the pig i want you to look at her phone prices. this is a comparison between what was thrown prices in january this huge good average prices of january this u v. the average prices oh oh

september. and in the case of brent it's 6 percent indication of deputy j is one percent. your scheduling, chris very swear to we can find a at a tailor face. it's 11 percent. but look at the rest and ask yourself the question. who did it with that i would i am, as i said, i needed to be surrounded with my friends and colleagues and definitely amongst the either if that hadn't at here we have proven natalie. we are colleagues and we are just a band of brothers that would continue shared of our cause, our country's, our people. let's definitely as aim with the defeated,

we are still good. continue to be committed to be an international participant that delivers what they have just shown in the church. if any way food friends would like to make an opening remarked ok if you permit me, i will take any questions from your end. hadley with your 1st with the saudis. thank you so much. you're all heinous. i wanna kick off by asking you specifically, a question that i asked to vladimir putin a year ago. are you using energy as a weapon? it was a question that he denied, but there are about people in washington and in the white house. who right now are looking at the cuts that opec plus is making. and they are saying that this is in

an aggressive move by opec. and they're very, very curious to understand why this organization that they call a cartel is moving against the united states and europe. and mr. secretary general to fall on to that. when i spoke to you just a couple months ago, you said you had an open door policy to european policy makers. had they entered that door, are you having those conversations with them? but as i have to tell you, there is a huge narrative coming from the west right now. that opec, as you say, a band of brothers. but as they would say, a cartel is attempting to hold the world hostage. just as latimer putin has done when it comes to energy prices. thank you gentlemen. very, very provocative. a christian which a, you know, a pick of ledger over and sitting go had the, with big showed me where it is, the act of belligerence, period. second to unit is

royal highness. so back to your question, yes, i did say we have an open door. we have an open door and waiting for someone to knock on the door of solar can see and you're still not getting any one knocking on that door because a lot of folks would say that by this action, by these case, you are endangering global energy market you are endangering the global economy. what is the response there? so if you could look in our lungs, we are locked and injuring the energy markets. we are providing security stability to the energy market at a price. everything as a price, energy security or the price as well. i mean, and i sort of in, i mean and then nice. and then a back from energy intelligence. so your highness, you've warned many times of the very limited and tight spare capacity this cut that

happened today. how much spare capacity does it free up and in the future, would you think about returning, ah, more oil to the markets are provided. you know, the situation changes. thank you. the agreement talks about an extension of this, of the current agreement to were 20 or we have softened even the amount of meetings and the mechanics to make sure that people can get a better a better site of our guidance to the mark. what we could do as the, as you have seen, the press release, the gmc would meet twice every 22 months. at the gen m.

c has been authorized to have told even more mate meetings if it requires. and also the conference meeting which will be go back to the new norman situation, which is twice a year. however, the gmc will have the authority to record for any additional meetings. the guidance also make sure that we didn't do these things just to meet and have coffee and talk with each other at mangas that we will have to discuss the market situation and see how things will evolve. and based on that, we could code for meetings which may require some tweaks here or there need purpose of it is that we show that we are attentive to the market, whichever way it got the amount of and level of uncertainty that we are faced up

with today is me and i have had a 35 years of experience in this field. i would love to challenge anybody who could come and say we've been through a situation as similar as it is today. and if we are not to be a tentative or to take it lightly, like some others did when they were not attending to this quantitative easing. when they did not attend to the amount of inflation, that word accommodating them both padding and look at what is happening. they're back building. they are trying to catch up. we cannot afford playing catch up with that either b, p. m t if then being shorty. and by the way, if we are not to be pre entered preemptive the cost of voice,

time and value would be higher. but again, i would have to stress it is not just about saudi arabia or do we order? quit it sailboat and in dusty it's about a global economy that would cover if we run out of energy, this is something that everybody is now is going through. and again, i would refer you to the chart that i was just showing which stokes a median words without having to to talk about it. ok, now said a mirror. feel the head that the and a heavier and in for some softly what i p and the fear and softened the fear. happy fear had they'll cut out of the $10000000.00 but really only annual any higher december care fee done. yeah, i did talk to have this. okay. yeah, i did. well,

the toyota troyer mendez grew up lakin and murphy. sure i did. i check andy and no fear jam. and the hood is still coming out of here. we have a good fit lucia mo, premium. a tankless conflict and premium, i wouldn't have should pay a for to avoid because out of my equipment, i must get it on my mobile to be muscular and john min menu and add you to show up in the garage. okay. yeah, the more i did adjust joining goes you're watching artie international where we're listening in life to the media conference being housed by the opec members following that meeting in vienna. the saudi minis minister has just been, we're for reinforcing the groups commitment to global stability. and of course, announcing that the group will, as the earlier predicted,

b reducing oil output by $2000000.00 barrels that per day. we're going to be staying with this story. we're going to continue listening to this live media conference and bringing you more analysis throughout the day about what this means, how it's going to affect the global economy. and of course, everything else to do with this remarkable decision. so do stay with us for that water dip straight back in to this media conference now, and continue listening to be back in the secretariat here, ohio. as you talked about careful planning, this is something you've talked about before and not being, you know, having to be reactive. how are you thinking about as you go through your planning process? what happens on december 5th with the e u. 6 packet of sanctions and the launch of the price cap plan. are you anticipating significant market dislocations? how are you with your crystal ball? it's only potentially 2 months away. how are you thinking about that about and preparing reaction responses that should work. i mean, i know to as a friend,

you've been so kind to all of us, you've been engaged in the time to escalate the, the analysis, the to analysis and without any bias here you were after the truth and have to the tool analysis. and so i'm very grateful for that. i owe it to said to be it as it may. unfortunately, none of us can claim that he has a kristen boat. the only person that had crystal board was for the don't push iraqi and even kind of done lost his on a crystal board because actually this is the hour to day cut him if i may explain it and we have word friends, we have so many uncertainties we don't know what will happen to the america. we don't know yet how the cab will be executed and who is gonna commit to it. and what would be the impact of it?

we don't know, you know, centered bankers. i would have to say, belatedly decided that you should come back inflation and they rushed with with this sir, or my dish, our product new my this help, but under off of wanting to her team inflation at the cost of the economy. and this is not my statement, you could go and check their own statement, and this is, by the way, it's all over the place. so we don't know how much inflation gaming will happen in the future and how that inflation would respond to this taming approach. and how much more important, how much it would take from the word economy, economy growth to take to do that thing. it's an open ended think. we don't know what will happen with regard to china lockdown. i would have to say something else,

which might put me in another spirit. but even if you can imagine that china lucent, its own, are locked down when you may end up with the growth of demand on, on commodities. and all of the, and new may impact actually the supply chain. and then you will have a pending effect to with the so called inflationary pressures came in coming from commodities. which means that it would give credence or more clear, this idea of continuous or amount of a taming of inflation through interest rates. we also that are the jewel political things that are at work. and i don't want to, this is outside of that. we don't talk about for addicts, but again, there is an over adding issues that are beyond the scope of this organization.

that's why i was saying earlier that it's making it extremely complex, extremely tough and frustrating for, for all of us here to try to you know, with all that modesty that we should have an humbleness that we should have. we should just come out and again and say, we are not in the gambling business, we have to be careful. and we have to be candid with the world that we, our, our every hour to live in limited abilities as human, as making it difficult for us to project and predict. we have went through an exercise ourselves. and so getting we collected every institution including yours and others, the amount to spread von forecasts gateways like

swiss cheese is not the 2nd is not competitive because it's, it's a variance of huge variance which tells you a lot about the amount of certainty that people have if you end up with that exercise and that exercise, tell you this, then if you are not, be careful. i don't know what you should. sure. so we have, i have to ask you to derek. some of the questions to my friends and couldn't but i and the man i liked some of the order tweets and this morning too. it was bit funny between you and i would have, would have been a go at each other, which one of the this morning you are, i would have a text and way of getting through each other talking to i look forward to that conversation. i think you're all has thank you very much i. i will direct this to

you if i have to but also i would love to hear from his excellency. so hell knows where he 1st off. did you also did you walk from the cam pinsky this morning? we saw you come around the corner on 1st off to the same question then to both of you because you may have different answers based on your viewpoint. how much your highness has the release of the strategic petroleum reserve and others in the world distorted, true price discovery, and your excellency, if you could also answer the same question, we would appreciate it. thank you. i wouldn't cause is distortion her. and her actually, it was done and got a dime and her it, if it was it didn't happen. i'm sure that her things may be different than what it is today. so to start who had and when at quite a distortion. and to start with, this is a, you know,

a 7 countries they have their own set up. it's not a state secret. they have heard that on mechanics, they have your own system. yeah. i have got on ticketing mechanism. they target to get it. and i think we just have to continue be respectful of, of the institution and the government grows better to we are also equally are seeking or to supply city. thank you your i linus, i think it's important or there is one fact that we cannot deny from which is the fact that there are no investments coming and her to not to do what we have to do. what to do as, as, as a group, which is concerned about all of member countries coming back to their production

and putting some of their, of their money and capital into those investments. we, if we don't do that, then it doesn't matter whether decision you do for 6 months or so. but we will fall from a cliff. and it's not enough that huge countries are only investing when we are 20 . how 20 plus countries here in north, at plus, we are concerned about the lack of investments. and i think we are, as we are concerned about e, a lack of a, of a demand or a demand fall. and due to the, to the circumstances that his excellency i mention and to the other, i think, i think, and i'm in the table, it is explaining itself why are we only looking at oil? while oil is not the major contributor to the economical issues that we are

having gas, i would say, and other commodities call and others are affecting the world economy, much more dan, dan, crude, oil and, and products. so we need, i think we need, as professionals to look at those markets, look at what others are, could do to, to also copy or, or take, take us as a lead and, and what we are doing in term of ensuring that investments are there. and the prices are reasonable as well to the consumers. we care about the consuming nations and what we are doing is to ensure that we have more oil coming to the market for years to come. it's not a short term thing. thank

you. david shepard from the financial times. i just want you for the people at home to explain to the average motorists why you are so concerned about oil prices when they're already, historically at quite high levels. the average people filling up their car will feel the price seems high to me. why is or purchasing we need to reduce production . know when prices are already relatively elevated and the economy appears to be struggling for david, you couldn't, you could see reality in whichever way you went. i showed you now that oil prices are, as they were almost back in january before this crisis. check your more tourist and see what is what they are being thought gazillion or visit her and ask her to serve the question where the money is going. you would see it in refining capacity and

refining margin. and what have you. that is, when it comes to europe, when it comes to the euro, or 85, check that number and you will see what is the thick of the producer and you would find it as it is here. you know, i have printed a ticket. you are living in the okay. i take it also, why didn't you be much more concerned about what would be the efficiency prices? that would be? what would be the gas prices that would be used to heat people heat meeting in this way. what again said, we're saying what is so odd about oil when it is only the yes, think the most modest amongst her out of the associate of energy. you have called now. and you have the guys here. and it's, and if you want to see what his electricity prices would be,

look at the tool and you would figure out what would be a good bit absolutely. just to follow up the question and thank thank you for taking it. the gas price is widely seen in europe and much of the western world as having been manipulated by russia, which is cut supply, people will know, see, so the arabia and the core members of operate and oper plus cooperating with russia to try and raise the oil price, it's a simplistic a debit will be the view they are deal went to twisted it to your end. fine. it's your prerogative. it's, you're right. it's a, we've been collaborating with all our pick plus countries ever since december 2016. so it is not an accident of, of mutual convenience. if you could call it again, it is not,

it is the act and the result shall me as they were saying, to add to hadley. where does that have bridges? where does the intentions? there is nothing else to showcase and to prove that we are not doing what you are accusing us to doing. then the chart. look at other commodities. what is happening to either commodities, even milk for the children. look at how much it's expensive. and don't ask, don't accuse yourself also a big plus has something to do with milk. oh boy. oh ok. a independent out will be a god or

b b because just be have to in touch about already handly valeca theater. a lot of them are really were stuck, but with enough to look could keep out. it was totally key in your valuable and for those of you just joining if you're watching r t international, where we're listening in life to the media conference being held by the opec plus members that's following their summit in vienna with the saudi minister. where are you taking the range? there are a lot of questions being aimed at him. he's been reinforcing the organizations commitments at global stability and announcing as the that the group will as early as predicted be we do think oil output by $2000000.00 barrels per day. of course, there are a lot of concerns that this decision will increase the chances of a global economic recession, but the align speaking just now are saying that this is the responsible decision for them. let's go back and listen it to the conference on b as tomorrow to dorian coffee, i'd be more about could my attire lock the door?

softly shook. we're super muffling. we might, i. luckily i am free or less supply demand for me. low ellen missile my home or mom can pre monitor lucky little and which i look a fee on our to papa. how they can have the hello, mr. brandt. hello to bottle diamond. no. not. and how will in the food for act as i was saying, there are concerns. this decision will increase the chances of a global economic recession. but the align speaking just now are saying that this is a responsible decision for them. their commitment is to global stability. and the 30 minutes to say we're not gamblers here. he said, we're not gamblers, here we have to be very careful with the economy. so i think that this decision is going to garner a lot of criticism, but the focus on the focus really for many being why now. why now should we be cutting oil supply when.