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OPEC’s announcement of production cut, increase in the price of crude oil in the world market

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The price of crude oil is increasing in the global market after the announcement of a major reduction in oil production by OPEC Plus, an organization of oil exporting countries.

Despite pressure from the United States, OPEC and its allies announced a 2 million barrel per day cut in oil production, or 2 percent of global demand, with the decision sending British crude Brent crude up 1.5 percent. It has increased to more than 93 dollars per barrel.

US crude oil WTI is also selling at $88 per barrel with an increase of 25%.

US President Joe Biden has expressed concern over this decision of OPEC Plus.

According to Western media, this decision of OPEC Plus will further increase the price of oil and benefit Russia, as well as the plan of Western countries to fix the price of Russian oil may be weakened.

The OPEC Plus organization says that the decision to reduce oil production has been taken due to the uncertain situation related to the global economy and the oil market. The reduction in global oil production will start from November.

It should be noted that this is the biggest reduction in oil production by OPEC Plus since the Covid epidemic.

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