OPEC+ announces major cut in global oil supplies

by Karen Faulkner, Worthy News Correspondent

(Worthy News) – OPEC+ has announced a major cut in global oil supplies ahead of European Union embargoes on Russia energy and in time for the peak winter season, Reuters reports. Exacerbating concerns about soaring inflation, the move is expected to push up the price of gasoline again.

The Organization of the Petroleum Exporting Countries, which includes Russia and Saudi Arabia, said Wednesday it will cut oil production by 2 million barrels per day, the biggest cut since the beginning of the pandemic in 2020. The cuts will begin in November, in time for the peak winter season. 

OPEC said in a statement that the decision to slash production was made “in light of the uncertainty that surrounds the global economic and oil market outlooks.”

In a statement to Reuters, a spokesperson at SK Energy, South Korea’s largest refiner, commented: “We are concerned about a resurgence in international oil prices, which have shown some signs of calming down since the second quarter.” South Korea is Asia’s fourth-largest economy and has seen massive increases in costs due to surging commodity prices.

Brent crude oil reached $139.13 a barrel in March, its highest price since 2008, after Russia’s invasion of Ukraine raised fears of the consequence of losing access to Russian energy, Reuters reports.

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