December 1, 2022

Taylor Daily Press

Complete News World

Online Transport – US unhappy with OPEC production cuts: offer to Moscow

WASHINGTON – The United States is unhappy with the decision by OPEC and its ally Russia (OPEC+) to curb oil production. Reduce production and raise prices. According to the US, the move is mainly a concession to Moscow, and the decision will also damage the global economy, it seems.

The 13-nation OPEC cartel led by Saudi Arabia and 10 of its allies led by Russia agreed to cut output by 2 million barrels per day from November at a meeting in Vienna, the group said in a statement. This is the largest production restriction in countries since the peak of the corona pandemic in 2020. This restriction is expected to increase oil prices. This is happening at a time when countries are already experiencing skyrocketing inflation, mainly driven by increased energy prices.

“Today’s announcement makes it clear that OPEC+ is aligning itself with Russia,” the White House press secretary responded. The US further described the decision as short-sighted. The US and Western allies are trying to isolate the Russian economy, which relies heavily on energy exports, in retaliation for its invasion of Ukraine.

See also  KnowBe4 offers Fish Catch Q4 2021: United States vs. EMEA