news agency BBC reported that group membersOPEC Plus (Opec+) The center of the world’s largest oil producing countries, including Saudi Arabia and Russia. It was revealed on Wednesday Oct. 5, 2022 that they had mutually agreed to cut oil production by 2 million barrels per day. To stabilize oil prices that have continued to decline in recent months as the economy slows.
However, OPEC+’s decision might increase the burden on drivers. Expectations of OPEC to produce less oil are driving oil prices higher in recent days. On Wednesday, European Brent oil prices rose nearly 2 percent to more than $93 a barrel.
Simon William of the oil price watchdog RAC said:reduce productionwill inevitably increase the price of oil and will increase the wholesale price of fuel
group movement OPEC Plus also occurred whileunited statesand many countries have tried to demand that they produce more oil followingoil pricesoared in the past spring from the Russian invasion of Ukraine by the US White House It immediately issued a statement saying President Joe Biden was disappointed by the lackluster decision.
The OPEC+ decision might also hurt US and European efforts to set a ceiling on Russian oil prices. According to the plan of the United States which aims to limit Russia’s income not to be used for military purposes
OPEC members defended the group’s decision, saying: Made in response to significant uncertainty regarding future oil demand Amid concerns that the global economy will enter a recession “This decision is technical. It’s not politics,” said UAE Energy Minister Suail al-Mazroui.