DTI Secretary Alfredo Pascual is confident that the recent announcement of Saudi Arabia that it would cut down on oil production would not necessarily lead to an increase in the prices of basic commodities in the country. ManilaBulletin
Though he admitted during a Palace briefing on Tuesday, June 6, that the likely increase in crude prices arising from the Saudi oil production cutback would have an “impact”, he maintained that it might not result in higher prices of basis commodities.“May impact iyan, siyempre kapag tumaas iyong price ng oil. Pero ang tingin ko nga, baka hindi naman mag-resulta ng pagtaas overall. Kung hindi name-maintain lang where it is na para hindi na bumaba ,” he told reporters.
Oil producers, he said, must balance the supply and demand vis-a-vis the prices of oil in the market. Saudi Arabia with members of members of the Organization of the Petroleum Exporting Countries , Russia, and other smaller producers announced that it would slash oil output by another one million barrels per day in an effort by OPEC+ members to shore up oil prices.
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