The energy and oil ministers of the Organization of Petroleum Exporting Countries (OPEC) and the OPEC+ group, which consists of some non-OPEC producer countries, decided to reduce daily oil production by 2 million barrels as of November.
The 33rd Ministerial Meeting held in Vienna, the capital of Austria, by the 13-member OPEC led by Saudi Arabia and the energy and oil ministers of 10 non-OPEC oil producing countries led by Russia, to evaluate the market conditions and discuss the amount of production to be implemented as of November.
In a written statement from OPEC, it was reported that daily oil production was reduced by 2 million barrels, effective from November 2022.
In the statement, it was stated that the decisions taken at the 19th meeting of OPEC and non-OPEC countries will be continued, and it was stated that the OPEC + group ministerial meeting will be held every 6 months, as it was before the Kovid-19 outbreak.
It was noted that the next meeting, which will be attended by the energy and oil ministers of OPEC and non-OPEC countries, will be held on 4 December.
In the previous meeting, the OPEC+ group countries decided to reduce oil production by 100,000 barrels per day for October.
WHITE HOME: DISAPPOINTING
The White House announced that US President Joe Biden’s decision to reduce oil production by 2 million barrels a day as of November by the Organization of Petroleum Exporting Countries (OPEC) and OPEC+ group, which consists of some non-OPEC producer countries.
US National Security Advisor Jake Sullivan and National Economic Council Director Brian Deese said in a joint written statement, “President Biden is frustrated by the OPEC+ group’s short-sighted decision to cut production as the global economy struggles with the negative effects of (Russian President Vladimir) Putin’s invasion of Ukraine. disappointed.” statement was included.
Pointing out that global energy resources are of vital importance at the moment, the statement noted that the decision in question will have negative effects among low and middle income countries, which are already experiencing difficulties due to rising energy prices.
CALL ON ENERGY COMPANIES TO REDUCE THE PRICE
In the statement, underlining that the US is doing its best to reduce the rising gasoline prices in the country, “At the instruction of President Biden, the Department of Energy will release another 10 million barrels of oil from the Strategic Petroleum Reserve to the market next month.” information shared.
Pointing out that Biden will continue his order to release oil from strategic reserves to the market in order to protect the American people and increase energy security, it was reported that the Ministry of Energy was also instructed to seek other ways to increase domestic oil production.
“President Biden also invites American energy companies to reduce oil prices in order to bridge the historical gap between wholesale and retail oil sales. Thus, the American people pay less at the pump,” the statement said. expression was used.
It was stated in the statement that after the OPEC+ group’s decision today, the Biden administration will discuss with Congress the issue of reducing the impact of OPEC on energy prices, and it was emphasized that this decision once again underlined the importance of reducing reliance on foreign fossil fuels.