Two million : this is the number of barrels of oil per day that the main ministers of OPEC + agreed this Wednesday in Vienna to produce less during the month of November. It will be the largest cut since March 2020. OPEC+ brings together 23 countries, including Saudi Arabia and Russia, whose rapprochement has nothing to please the United States and Western countries struggling with a significant increase in energy costs.
The decision by OPEC+ to lower its oil production is intended to support the oil market, whose prices have fallen in recent weeks to stabilize between 80 and 90 dollars a barrel, whereas they had been close to 140 dollars at the start. following Russia’s invasion of Ukraine. The White House made no secret of its disappointment, denouncing a “short-sighted decision by OPEC+”, which comes at a time when “the global economy is facing the continued negative impact of the invasion of the Ukraine by Putin”.
Anxious to curb a further rise in gasoline prices at the pump, Joe Biden announced that his administration would “deliver an additional 10 million barrels of the Strategic Petroleum Reserve to market next month, continuing the historic orderly releases.” by the President in March”.
Clearly, the Democratic President’s visit to Saudi Arabia did not leave an indelible memory on his most important guest, Prince Mohammed Bin Salman.
(Photo AFP/Getty Images)
