OPEC Stops 2 Million Barrels of Production; Fuel Hike is Coming!

The energy and oil ministers of the OPEC+ group, which consists of the Organization of Petroleum Exporting Countries (OPEC) and some producer countries outside OPEC, recorded important statements about daily oil production. The ministers announced that they decided to reduce oil production by 2 million barrels starting from November. After this decision, OPEC+'s largest production cut since 2020, fuel prices are expected to rise.

A hike in fuel prices is on the way! - The evaluation meeting held by the energy and oil ministers of the 13-member OPEC led by Saudi Arabia and 10 non-OPEC oil producing countries led by Russia in Vienna, the capital of Austria, ended. In the written statement announced by OPEC after the meeting, it was noted that daily oil production was reduced by 2 million barrels, effective from November 2022. OPEC Reduces Production "President Biden is disappointed by the shortsighted decision by the OPEC+ group to reduce production as the global economy struggles with the negative effects of (Russian President Vladimir) Putin's invasion of Ukraine," the statement, recorded by US National Security Advisor Jake Sullivan and National Economic Council Director Brian Deese, said. The statement emphasized the importance of energy resources in this period of the economy and revealed that the decision will have a negative impact on low- and middle-income countries, which are already experiencing difficulties due to rising energy prices. Next Meeting to be held on December 4 While it was announced that the next meeting of the energy and oil ministers of the Organization of the Petroleum Exporting Countries and non-OPEC countries will be held on December 4, OPEC+ group countries had decided to reduce oil production by 100 thousand barrels per day for October at the previous meeting. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!