OPEC+ cuts 2 million barrels of oil per day

According to the latest information from OPEC +, from November 2022, OPEC + agreed to apply the largest reduction in oil production in more than 2 years.

The drop of 2 million barrels per day is believed to be the biggest drop since April 2020.

OPEC+ intends to keep prices high after seven years of low prices, analysts said.

Crude oil prices spiked above $100 a barrel in the first six months of the year due to Russia’s military campaign in Ukraine.

Prices then fell as much as 32% over the past 4 months due to concerns about the global economy. Brent crude at one point fell below $83 a barrel for the first time since January 2022.

This is the second consecutive month that OPEC+ has reduced oil production. Last month, down 100,000 barrels a day in October.

Today’s decision has cast a shadow on the G7 countries’ plan to impose a ceiling on the price of Russian oil.

The decision was made less than three months after the US President’s visit to Saudi Arabia.

OPEC+ members said their decision was a response to the global economic situation, especially China.

This decision by OPEC+ will affect many parties around the world.

Business due diligence service in Vietnam https://vietnamduediligence.com