• Home
  • All news
  • Russia
  • Ukraine
  • World
  • Tags
    • Navalny
    • Arrests and Attacks
    • Court
    • Kazakhstan
    • Coronavirus
    • Election 2021
    • Almaty
    • Putin
    • USA
    • Murders
    • Death
    • Rape
    • Germany
  • Special Projects
    • Stories
    • One year after
Thursday, May 9, 2024
  • Login
Russian Free Press
  • Home
  • All news
  • Russia
  • Ukraine
  • World
  • Tags
    • Navalny
    • Arrests and Attacks
    • Court
    • Kazakhstan
    • Coronavirus
    • Election 2021
    • Almaty
    • Putin
    • USA
    • Murders
    • Death
    • Rape
    • Germany
  • Special Projects
    • Stories
    • One year after
No Result
View All Result
  • Home
  • All news
  • Russia
  • Ukraine
  • World
  • Tags
    • Navalny
    • Arrests and Attacks
    • Court
    • Kazakhstan
    • Coronavirus
    • Election 2021
    • Almaty
    • Putin
    • USA
    • Murders
    • Death
    • Rape
    • Germany
  • Special Projects
    • Stories
    • One year after
No Result
View All Result
Russian Free Press
No Result
View All Result

OPEC supported Russia in reducing oil production

April 3, 2023
in Daily News
Share on FacebookShare on Twitter

The Organization of the Petroleum Exporting Countries (OPEC) has suddenly announced that it intends to further cut oil production by about 1.1 million barrels per day. Thus, she joined Russia, which has already reduced production by 500,000 barrels since March. Together with Russia, the cumulative reduction in production will amount to 1.6 million barrels per day. The announcement immediately raised oil prices, Brent benchmark quotes rose by more than 8% and are currently trading at $84.2 per barrel against $79 last week. Bloomberg notes that OPEC's decision came as a surprise to the market, none of the analysts surveyed expected such a sharp cut in production from the cartel.

As expected, Saudi Arabia has become the leader of OPEC cuts, as it intends to reduce production by 500,000 barrels per day similar to Russia's. Commenting on the decision of OPEC, the representative of Riyadh said that it is necessary to stabilize the oil market. Iraq will reduce its production by 211 thousand barrels per day, the UAE will reduce its production by 144 thousand, Kuwait – by 128 thousand, Kazakhstan – by 78 thousand, Oman (40 thousand) and Algeria (48 thousand) will share the remaining capacities.

“OPEC+ clearly wants a higher price. The cartel is proactive in trying to wrest prices from the grip of macroeconomic sentiment,” commented consultant and senior manager at Black Gold Investors hedge fund Gary Ross.

OPEC's decision caused another wave of indignation in the United States. The agency notes that Riyadh's tough stance could become a new reason for growing tensions in bilateral relations between the kingdom and the United States. Washington, in a short message, said that he sees no reason to cut production right now and considers this decision untimely. Experts also note that for Riyadh itself, a sharp increase in oil prices is unprofitable in the light of attempts to diversify its own economy. The Kingdom is investing huge amounts of money to turn the country into a major regional business and tourist center.

The rise in oil prices may provoke a new wave of inflation in developed countries, which the world's central banks have been actively fighting for more than a year now. A new jump in prices may provoke more stringent measures by regulators around the world, which in turn may push the leading economies into recession, then world oil prices will be lowered out of completely different fears, experts say. Russia, for which the growth of quotations is an opportunity to partially eliminate a record budget deficit against the backdrop of a ceiling in oil prices and all kinds of restrictions imposed in response to the invasion of Ukraine, will definitely be able to extract the momentary benefit from the OPEC decision.

Nevertheless, some analysts urge the market to calm down, as the real production cut will actually be two times lower than announced. Analysts at RBC Capital Markets note that the countries listed in the reduction did not use their quotas to the maximum before the new decision, so the real reduction after the recent decision will be about 800,000 barrels per day. However, many investment houses are not impressed by such estimates, they are already increasing their forecasts for the price of oil at the end of the year up to $100 per barrel.

Read also

Bach and Margaritis support politicisation of sport in prank video call

April 16, 2024

In a world of disruption, the Olympics confronts the World Friendship Games

March 16, 2024

Clothing brand East&West hosts Spring celebration in Dubai on March 8

March 15, 2024

The champion of the Games of the Future will become the first master of sports in programming

March 1, 2024

Hochland Contemplates Patriotism Through Cheese for Russian Troops?

February 2, 2024

. BRICS+ Fashion Summit : Russian brands managed to conclude deals with buyers worth 250 million rubles

December 19, 2023

RECOMMENDED NEWS

Ilya Ponomarev: “Actions like the one held in the Bryansk region will be repeated. War will come to Russia”

1 year ago

Azerbaijan to double gas supplies to Europe

2 years ago

Zelensky said he received signals from partners that…

1 year ago

The United States fears that a number of…

1 year ago

Newsletter

Be the first to get the news in the Telegram newsletter!

Newsletter

Be the first to get the news in the Telegram newsletter!


Прекратить репрессии против людей которые высказывают свое мнение

Archives

  • May 2024
  • April 2024
  • March 2024
  • February 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • March 2021
  • February 2021
  • December 2020
  • November 2020

Categories

  • ! Без рубрики
  • AI Chatbots
  • asian mail brides
  • asian mail order bride
  • best dating sites
  • blog
  • Daily News
  • dating ukrainian women
  • Fast News
  • kosmos
  • latin mail order brides
  • Live
  • mail brides
  • mail order bride
  • On the map
  • One year after
  • Russia
  • russian mail order bride
  • Stories
  • thai women dating
  • top dating sites
  • Ukraine
  • Uncategorized
  • women for marriage
  • World
  • Весільний салон Київ
  • Весільні сукні київ
  • Весільні та Вечірні Сукні
  • Вечерние и выпускные платья в Киеве 2023 года
  • Вечірні сукні
  • Свадебные платья в Киеве
  • Яку весільну сукню купити для цивільного весілля?
  • About
  • Contact
  • Privacy
  • Cookie
  • Terms
  • Donate
  • Advertise
  • Sitemap
[email protected]

© 2022 Russian Free Press - Honest news about Russia and the whole world.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • All news
  • Russia
  • Ukraine
  • World
  • Tags
    • Navalny
    • Arrests and Attacks
    • Court
    • Kazakhstan
    • Coronavirus
    • Election 2021
    • Almaty
    • Putin
    • USA
    • Murders
    • Death
    • Rape
    • Germany
  • Special Projects
    • Stories
    • One year after

© 2022 Russian Free Press - Honest news about Russia and the whole world.