how much will be deducted
OPEC and its allied member countries have decided to cut oil production by 2 million barrels per day. This shortfall is equivalent to about 2 percent of global oil demand. In the meeting of energy ministers of OPEC countries, it has been decided to cut production from November. Production cuts will begin in November, and the Organization of the Petroleum Exporting Countries (OPEC) and its allies will meet again in December.
Crude oil reached a three-week high
After OPEC+’s decision to cut production, the price of crude oil reached a three-week high and today crude oil has once again come near $ 95 a barrel. OPEC Plus has said that for the past few months, the exporting countries were shying away from making major cuts in production, but now this decision has been taken in view of the uncertainty in the global economic and crude oil market.
US President expressed concern
At the same time, US President Joe Biden said on Wednesday that he is concerned about a big cut in oil production from OPEC Plus. “I need to see what the details are. I’m worried, it’s unnecessary,” he said.
what OPEC said
In a statement, the group said that OPEC and allies have decided to cut oil production significantly to prevent falling crude oil prices and the change has been assessed.