Press Agency BBC reported that group membersOPEC Plus (Opec +) The center of the world’s largest oil producing countries, including Saudi Arabia and Russia. On Wednesday 5 October 2022 it was revealed that they had mutually agreed to reduce oil production by 2 million barrels per day. To stabilize oil prices which have continued to decline in recent months with the slowdown in the economy.
However, the OPEC + decision could increase the burden on drivers. OPEC’s expectations of producing less oil have been driving up oil prices in recent days. European Brent oil prices rose nearly 2% to over $ 93 a barrel on Wednesday.
Simon William of RAC oil price watchdog said:reduce productionthe price of oil will inevitably rise and the wholesale price of fuel will rise
group movement OPEC Plus also occurred whileUnited Statesand many countries have tried to ask for more oil to be produced lateroil priceskyrocketed last spring since the Russian invasion of Ukraine from the US White House. He immediately released a statement claiming that President Joe Biden was disappointed with the lackluster decision.
The OPEC + decision could also hurt US and European efforts to cap Russian oil prices. According to the US plan 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 about future oil demand Amid concerns that the global economy will enter a recession “This decision is technical. It’s not political, “said Suail al-Mazroui, the UAE’s energy minister.
