Some OPEC+ representatives agreed to cut oil production, but oil prices are falling

Only 6 states out of 20 countries that are members of the expanded OPEC+ oil cartel agreed to the proposal of Russia and Saudi Arabia to significantly reduce oil production. Meanwhile, oil prices continued to decline at the end of the week. This was reported by the Tagesschau news service network, according to UNN.

Details

As the the publication points out, the recent OPEC+ meeting did not bring the oil cartel members the the results they had hoped for, as oil prices continued to decline at the end of the week. continued to decline: in the morning, a barrel (159 liters) of North Sea Brent cost $80.68, down 18 cents from the previous day. The reasons for the fall of oil prices, despite the supply shortage, are probably due to the fact that not all 20 OPEC+ countries are involved in supply cuts. Only six states of the of the expanded OPEC+ oil cartel agreed to the proposal of Russia and Saudi Arabia to significantly reduce Arabia to significantly reduce oil production, which could increase oil prices.

Reference

Recently, ten countries of the Organization of countries of the Organization of the Petroleum Exporting Countries (OPEC) and ten other OPEC+ countries countries agreed on their production targets to control prices. The group is is dominated by Russia and Saudi Arabia. The members of the organization account for about 40 percent of the world's oil supply.

Nowadays, oil production is at a record level. oil production is at a record level. This keeps oil prices relatively low, which contributes to the economic oil prices, which favors economic growth but complicates efforts to protect the climate protection.

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Addendum

While OPEC+ members do not consider a coherent OPEC+ members do not consider the agreed production cuts to be binding, US in the United States is growing. According to Tagesschau, crude oil production in the United States is at an all-time high of at a historic high of 13.2 million barrels per day. Moreover, thanks to fracking, the US can produce more oil than any other country in the world. country in the world.

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