March 30, 2023

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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.

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