5/10/2022–|Last update: 5/10/202205:09 PM (Mecca)
Archyde.com quoted a source as saying that OPEC Plus agreed to reduce oil production by two million barrels per day. On the other hand, he said White House spokesman John Kirby said his country needs to be less dependent on this organization and foreign producers.
Earlier, Archyde.com quoted 3 sources in OPEC Plus that the bloc’s joint ministerial monitoring committee agreed to reduce oil production by two million barrels per day.
The possible OPEC Plus production cut may lead to a recovery in oil prices, which fell to regarding $90, following the price of a barrel was 120 3 months ago, due to fears of a global economic recession, raising US interest rates and a rise in the dollar.
Sources told Archyde.com this week that the coalition, which includes Saudi Arabia and Russia, is working on cuts of between one and two million barrels per day.
An informed source said that the United States is pressing the Organization of Petroleum Exporting Countries (OPEC) not to proceed with production cuts, and says that market fundamentals do not support the reduction.
Sources stated that it is still not clear whether the cuts may include additional voluntary cuts by members such as Saudi Arabia, or whether they may include the actual production shortages in producing countries.
