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OPEC+ wants to cut crude oil production. Will the fuel be more expensive?

OPEC+ wants to cut crude oil production.  Will the fuel be more expensive?

The OPEC + group, which includes, among other things, Russia intends during Wednesday’s meeting in Vienna to take a decision to reduce oil production in order to raise its prices. This will likely lead to conflict with the United States, which opposes raising gas prices Reuters reports.

Everything indicates that OPEC + It will reduce production by 1-2 million barrels per day. Two sources confirmed in an interview with the agency that the cartel intends to cut production starting in November.

The OPEC + plan, if it goes into effect, will make commodity prices fall due to fears of a global recession, Will return to high levels in months. It didn’t take long for the market to react. On the London Stock Exchange on Wednesday, Brent crude rose nearly 1.7% to more than $93. barrel.

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Washington tends to put pressure on OPEC+ because it believes that Russia is using energy resources as a weapon and trying to cause a crisis in Europe.

US President Joe Biden, who traveled to the Middle East in July, failed to persuade Saudi Arabia to increase oil production in connection with the war in Ukraine. As the US media commented at the time, Riyadh does not want to worsen close relations with Russia within the OPEC + group. Then the Wall Street Journal evaluated it The energy partnership between Saudi Arabia and Russia “changed the international system that emerged after World War II.”“.

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