The decision of OPEC+ countries to cut oil production could lead to higher inflation and gasoline prices in the US and other Western countries. agency writes Associated press.
The article states that such a decision could help increase Russia’s budget and intensify relations between Saudi Arabia and the United States.
The author of the material recalled that before Washington he urged Riyadh and other allies to increase production levels in order to lower oil prices and undermine the financial situation of the Russian Federation.
Kevin Book, director of Clearview Energy Partners, told the agency that US gasoline prices could now rise by about 26 cents per gallon. By the summer of 2023, the cost of fuel will reach 4 dollars.
According to The Book, oil production has decreased by only 1% of the world’s daily consumption, but the OPEC+ decision could significantly affect the market price of oil.
Previously, OPEC+ countries, including Russia, decided to cut oil production until the end of 2023. RF And Saudi Arabia will reduce production to 500 thousand barrels per day, Kazakhstan – to 78 thousand barrels. Also, the United Arab Emirates (144,000 bpd), Oman (40,000 bpd), Kuwait (128,000 bpd), Iraq (211,000 bpd) and Algeria (48,000 bpd).
Source: Gazeta
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