Monday, July 15, 2024
News

OPEC Plus will continue oil output cuts as prices remain unchanged

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

Riyadh | June 5, 2023 5:40:45 AM IST
The group of oil-producing countries resolved on Sunday to extend oil production curbs through 2024 as petrol prices remained stable, according to The Hill.

The Organisation of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC Plus, met on Sunday and resolved to prolong the oil output cutbacks under the leadership of Russia and Saudi Arabia.

OPEC described the move as aiming to "achieve and sustain a stable oil market, and to provide long-term guidance for the market, and in line with the successful approach of being precautious, proactive and preemptive", The Hill reported.

In April, Saudi Arabia, Russia, and other OPEC+ oil producers declared their intention to reduce production by 1.16 million barrels per day. The countries that produce oil had previously agreed to reduce their output by 2 million barrels per day through the end of the year.

When the decision was made, the National Security Council criticised it, stating that the administration did not consider cuts "advisable at this time given market uncertainty."

President Biden had also threatened that there would be "consequences" for Saudi Arabia, after the country announced the production cut last October of about 2 million barrels per day, The Hill reported.

This move is not expected to affect gas prices in the United States, as pump prices have remained flat even after Memorial Day weekend travel. As of Sunday, the national average of gas prices was USD 3.55 per gallon, according to AAA. (ANI)

 
  LATEST COMMENTS ()
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE WORLD NEWS
Congress leader Ashok Gehlot urges MEA t...
Biden orders independent review of secur...
Pakistan: Journalist shot dead in Khyber...
Pakistan Tehreek-e-Insaf activist Sanam ...
Trump rally shooting: Biden urges Americ...
Israel strikes terrorists hiding in UN s...
More...
 
INDIA WORLD ASIA
MP's Indore sets world record by plantin...
NTA to conduct re-test for 'affected' ca...
'When will central government, PM wake u...
Fire breaks out at multi-story building ...
Delhi Minister Saurabh Bhardwaj vows act...
If LS polls had been organised after 6-8...
More...    
 
 Top Stories
Congress leader Ashok Gehlot urges ... 
Fire breaks out at multi-story buil... 
"When will central government, PM w... 
Biden orders independent review of ... 
Williams, Oyarzabal help Spain win ... 
NTA to conduct re-test for 'affecte... 
Pakistan: Journalist shot dead in K... 
MP's Indore sets world record by pl...