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OPEC+ Recommends Further Cuts in Oil Production

Date: May 20, 2024 Time: 09:07:46

OPEC+ cuts oil production by 2m barrels a day despite US pressure. The US expresses disappointment in a move that could spur an increase in oil prices, which had dropped in recent months.

Reports have surfaced that OPEC+ has agreed to maintain oil production quotas, reduce supplies by 2 million barrels per day, and allow states to export additional volumes. This announcement was reported by a Reuters source within one of the delegations.

He said, “The recommendation is to keep the current deal.” It’s specified that confirmation is now required from the heads of all delegations.

Earlier, OPEC Secretary General Haytham Al-Ghais said that a recession awaits the European economy. In his opinion, a drop in oil demand may result from these economic problems.

The OPEC+ monitoring committee approved the cut in oil production on October 5. The measure is aimed at curbing the fall in prices on the world market amid investors’ fears about a further reduction in demand.

Now, on the eve of the OPEC+ meeting, the administration of US President Joe Biden seeks to discourage decision-makers from making a move with oil production by explaining its lack of need within current economic circumstances. The cut in OPEC + members’ oil production in the United States has been described as a “total catastrophe” and “an act of hostility.”

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Kevin Kennedy
Kevin Kennedy
Kevin Kennedy is an associate editor for ePrimefeed covering latest news, economy and movie.

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