Wednesday, February 1, 2023

“OPEC+” will maintain the oil production reduction policy

December 5 According to a report on the website of the U.S. Consumer News and Business Channel on December 4, before the European Union is about to impose a ban on Russian crude oil, the “OPEC+” oil-producing countries, composed of 23 oil-producing countries, agreed to maintain the oil production policy on the 4th, from November to 2023.

The bottom production is reduced by 2 million barrels of oil per day. This amount accounts for about 2% of world demand.

It is reported that the European Union intends to ban the import of all Russian crude oil transported by sea from the 5th, and the United States and other members of the Group of Seven will impose price limits on Russian oil exports to countries around the world.

The Kremlin has previously warned that any attempt to impose price limits on Russian oil will do more harm than good.

Oil prices have fallen from $120 per barrel in early June to less than $90.

According to the report, despite the requirements of the United States, OPEC+, led by Saudi Arabia and Russia, agreed in early October to reduce production by 2 million barrels per day from November.

The United States has previously called on the organization to increase oil supply to reduce oil prices and help the global economy.

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