in agreement for decrease in oil production by 2 million drums On the day its member states came OPEC +who agreed to the proposal from Russia – Kingdom Saudi Arabia. The aim of the decision is to stop the price decline caused by the weakness of the global economy.
This is the biggest discount OPEC + From 2020. However, the impact on global supply is expected to be less. Already, many countries are heading for much lower quotas, which means they will stick to the new limits without having to cut production.
A new shock in the global economy
However, the decision may cause another shock to International Economy, It combats inflation and higher energy costs.
The production cut is expected to irritate the United States. This year , Joe Biden visit it Kingdom Saudi Arabia He called for more production and lower pump prices for Americans. The United States holds its midterm elections in November.
The reduction of two million barrels per day will be measured on the same basis as previous deals OPEC+, . said Amir Hussein Zamania The OPEC governor on Iran told reporters in Vienna after the meeting. Oil prices are slightly lower near $92 a barrel in London.
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