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OPEC+ slightly cuts October production |

United States USA and has put pressure on OPEC+ to increase production due to falling energy prices that have fueled inflation in Europe

The Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed to cut oil production by a small amount in October in a bid to stem the fall in oil prices.

The statement released on September 5 states that OPEC+ countries, including Russia production per day 10It will reduce 0 thousand barrels.

The decision represents just 0.1% of global demand, but it is OPEC+’s first production cut in a year. A coalition of 23 countries 20 where the COVID-19 pandemic has hit oil prices20In 2008, there were big reductions in production.

Against the background of the market correction last year, OPEC+ has begun to slightly increase production again. The price of a barrel reached $140 after Russia’s invasion of Ukraine, but fell to $95 a barrel in June amid fears of an economic slowdown and recession in the West.

If an agreement is reached to restore the 2015 nuclear deal and sanctions are eased, supplies from Iran are expected to increase. Iran’s possible return to the broader market also contributed to the fall in oil prices.

Iran’s oil minister made a statement after the OPEC+ meeting Javad Ovci said that current market conditions should be taken into account and cooperation within the oil alliance helps global consumers:

“We have always stated that the supply of oil and oil products and the politicization of oil and energy political we are ready to contribute to the improvement of energy security in the world by not allowing its use.”

United States USA and has put pressure on OPEC+ to increase production due to falling energy prices that have fueled inflation in Europe.

USA President Joe Biden increase energy supply and prices is determined to take all necessary steps to bring it down.” – said the White House.

White House spokesman Karin Jean-Pierreaccording to the statement of Biden “has made clear that energy supply must meet demand to support economic growth, for American as well as other consumers. prices should drop”.

Jean-Pierre said that Russia President Vladimir Putin punished for his attacks, Russia work was done with the allies on the oil price limit.

The Group of Seven (G7) countries agreed last week to set a maximum price for Russian oil in a bid to curb Moscow’s financing of the war in Ukraine.

Kremlin spokesman Dmitry Peskov said that if the G7 states apply such a price limit, Russia will respond to it. The limit has not yet been set and its impact on the global price remains uncertain.

The EU sanctions, which will come into effect at the end of the year, may also affect the price of oil. The purpose of the sanctions is to block most of Russia’s oil imports.

Russia, which launched an attack on Ukraine at the end of February, faced severe sanctions from the West.

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