The calls of western countries, especially the USA, and the European Union did not yield any results and on Wednesday, October 5, OPEC+ countries from November 2 million barrel they decided to reduce the daily production. The same countries, at the previous meeting, for the month of October 100 thousand barrels They had already taken the decision to reduce it. However, Europe and the Atlantic countries in general, importing oil from the OPEC countries in question, hoped to compensate for the imports that were decided not to be made from Russia, especially by increasing the production and exports of the Gulf Countries led by Saudi Arabia. Oil producing and exporting countries, on the other hand, are focused on compensating for the large-scale oil export revenue loss they suffered during the global pandemic period.
To be remembered, when countries and geographies with high oil demand in China and the European Union suspended daily life and economic life to a large extent with the comprehensive quarantine decisions in the first year of Kovid-19, the oil imports of these countries also showed a great decline; When the oil producing and exporting countries are filled to the brim, they rent the tankers that are navigating empty in the world’s seas, almost ‘floating warehouseThey had to use these ships like ‘. Negative prices were seen as a historical break in future oil prices. I mean, philosophically, it’s as if the producer and exporter were paying for the barrels of oil to be sold. During this period, the OPEC+ countries, whose economies were largely based on the income they obtained from oil exports, had a very difficult time.
For the first time in the mentioned Gulf Countries, taxes were imposed on the purchase and sale of certain goods and services, and the loss of oil export revenue in the public budget was tried to be compensated by the taxes applied for the first time. While OPEC + countries are expected to continue their production and exports at the same level, they state that they have decided to cut production by 2 million barrels in order to compensate for the fluctuations in the global oil market caused by the supply-demand imbalance that has been going on for a long time. In a diplomatic way, they also state that if the Atlantic countries are faced with higher fuel and energy prices due to this decision, they will review their decisions. However, experts who analyze the oil market from an economic-political point of view, until the end of summer 2023 In particular, they do not expect a move from OPEC that will significantly increase production and exports and decrease the price of oil per barrel.
The reason is that, despite all the fluctuations and debates caused by the Russia-Ukraine War on energy supply security, it is out of the agenda of neither the United Nations and its affiliated organizations, nor the OED, nor the World Trade Organization.green energy‘,’energy conversion‘ and ‘renewable energy‘ agenda has not been reduced. Conversely, there is an abnormal increase in fossil fuel prices, oil, natural gas and coal prices. UN Secretary General Guterres and EU Commission top level officialsOn the contrary, they vigorously advocate a further emphasis on energy transition, green energy and renewable energy moves. In this way, especially hydro, solar wind, geothermal, bio They remind that it will be more permanent to ensure energy supply security with different types of renewable energy such as Although oil producers are satisfied with the ‘high price’, pressure will eventually increase from importing countries and consumers.
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