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OPEC sharply cuts oil production, US disappointed by "short-sighted decision"

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The OPEC+ alliance of oil-exporting countries decided Wednesday to sharply cut production to support sagging oil prices, a move that could deal the struggling global economy another blow and raise politically sensitive pump prices for U.S. drivers just ahead of key national elections.

Energy ministers cut production by a larger-than-expected 2 million barrels per day starting in November after gathering for their first face-to-face meeting at the Vienna headquarters of the OPEC oil cartel since the start of the COVID-19 pandemic.

The group said the decision was based on the “uncertainty that surrounds the global economic and oil market outlooks.” Saudi Energy Minister Abdulaziz bin Salman stressed the group’s stated role as a guardian of stable energy markets.

In reaction, U.S. Secretary of State Antony Blinken said that Washington has made clear to oil-producing countries the need for energy supply to meet demand.

U.S. President Joe Biden considered the OPEC+ decision “short-sighted while the global economy is dealing with the continued negative impact of Putin’s invasion of Ukraine,” White House press secretary Karine Jean-Pierre told reporters aboard Air Force One.

For more info, please go to https://globalnews.ca/news/9177617/opec-meeting-oil-prices-production/

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Category
U.S. & Canada
Tags
global news, opec, opec+
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