The Organization of the Petroleum Exporting Countries (OPEC) and Russia collectively agreed to reduce the output by almost two million barrels per day (bpd).
OPEC+ said the decision was based on the “uncertainty that surrounds the global economy and oil market outlooks”. Saudi Arabia’s energy minister Abdulaziz bin Salman stressed the group’s stated role as a guardian of stable energy markets. Brent levels are at $88.86, with prices steadily fall in the past 3 months, over fears of a global recession.
It has adversely effected USA which triggered a sharp response from Washington, which criticised the OPEC+ deal for such deals. The White House said US President Joe Biden would continue to assess whether to release further strategic oil stocks to lower prices.