Oil production cut by OPEC+

Some countries participating in the OPEC+ agreement began reducing daily oil production by 1.66 million barrels from May 1, which will last until the end of 2023.Saudi Arabia, as the world's largest oil producer, unexpectedly announced the day before the union's ministerial review meeting on April 3 that it would voluntarily cut oil production from early May until the end of 2023, according to AAA News Agency.

In a statement that was published on the OPEC website after the monitoring meeting, it was noted that preventive measures are being taken to reduce production in order to maintain stability in the oil market.A total of 9 OPEC+ member countries, including Saudi Arabia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, Oman and Russia, have decided to cut oil production.

The decision of the OPEC+ member countries to continue the process of reducing the supply of oil to world markets is in fact a reaction to the hostile actions of the West towards Russia and a kind of cooperation with Moscow. The European Union, the G7, and some Western bloc countries such as Australia, by setting a price ceiling of $60 per barrel of Russian oil, believe that they will significantly reduce Moscow's oil revenues and thus, in their opinion, they can disable Russian military machine.

Recently, Politico magazine wrote in its analysis that the US efforts to isolate Russia have created a powerful anti-American coalition led by Russia, and now China, Russia, India and Saudi Arabia are stronger than in the past, and together they can defeat the United States of America. .

In the case of the United States, the decline in oil supplies in 2022 following the OPEC+ decision caused an increase in its price, and its impact manifested itself in the form of an unprecedented increase in the prices of gasoline and diesel fuel, and as a result, inflation was unprecedented over the past 40 years in this country. country.