OPEC Plus, Postponement of Additional Crude Oil Production at Ministerial Meeting

OPEC Plus, which consists of the Organization of Petroleum Exporting Countries (OPEC) and non-member oil-producing countries such as Russia, held a ministerial-level meeting on the 4th to reduce production by 40 per month. It was agreed to maintain the current plan of shrinking by 10,000 barrels in December.

The United States has called for additional production increases to curb rising oil prices.

OPEC Plus officials said the United States itself has the capacity to increase production if it wants to help accelerate the recovery of the global economy.

Russia’s Deputy Prime Minister Nowak explained why OPEC Plus has forgotten to increase production: “The European Union (EU) showed signs of a decline in oil demand in October. Global oil demand is a delta variant of the new coronavirus. Is still under pressure. “

In response, a spokesman for the National Security Council (NSC) in the United States said, “The global economic recovery must not be hampered by a mismatch between supply and demand,” OPEC Plus has the power to use for the global economic recovery. He accused him of not appearing to be willing to use.

“President Biden believes that Americans should have access to energy such as gasoline at affordable prices, and has instructed them to continue to monitor the market and be ready to take all necessary steps,” he said. rice field.

OPEC Plus will meet again on December 2nd.

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