The cuts in production since October, according to OPEC + ministers, are enough.
This morning, the media reported that the OPEC + member states, in response to the “ceiling” of prices for oil transported by sea imposed against Russia by the EU and G7 countries, will further reduce the production of black gold. As it turned out from the publication on the official website of the organization, there will be no additional reduction in production – OPEC + ministers decided to maintain the reduced production quota of two million barrels per day adopted on October 5 this year.
However, the participants of the organization stipulated that they could meet unscheduled at any time and, if necessary, take “immediate additional measures” designed to respond to market changes in order to maintain the balance of the oil market.
As for the “ceiling” of prices for Russian oil transported by sea, it should come into force from tomorrow. The Russian authorities have already stated that they will not supply black gold to states that have adopted a “ceiling” of prices, even if this means cutting production. In this case, by the way, it doesn’t matter how high this ceiling is: the problem is in a non-market approach to pricing, and to agree to such “tricks” on the part of the buyer of a product for which there is a demand all over the world and whose supplies are easily redirected, in principle it is forbidden.
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Recall that OPEC is an organization of oil exporting countries created in the 1960s, which initially included the oil-producing countries of the Persian Gulf and the Middle East. Subsequently, the number of members of the organization increased, and in 2016 an unofficial expanded format was formed – OPEC +, which included Russia. Together, Russia and Saudi Arabia account for over a quarter of global oil production, so these states are considered “decisive” in OPEC +.