The OPEC alliance is planning to make deep cuts in the oil production, which it ships to the global economy that will decrease supply in an already tight market, despite of the pressure from the United States and several other countries across the globe.
Energy minister from the OPEC cartel, with leading member Saudi Arabia, and its allied non-members, including Russia, are meeting at the Vienna headquarters of the group for the first time since the COVID-19 pandemic started in 2020.
The cuts could help Russia from a looming European ban on its oil exports by forcefully increasing oil prices. They have also dropped to around 90 dollars a barrel from 120 dollars three months ago because of global recession fears.
OPEC is also considering cuts of one million to two million barrels per day, with many sources saying that the cuts can be closer to two million. Such cut in oil production will be a signal to the market to determine and resolve the cartel to support oil prices.
The United States is pushing OEC not to proceed with the oil production cuts, saying that fundamentals does not support them, and the government of the United States wants to avoid an increase in petrol prices for drivers in the US.
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