OPEC led by Saudi Arabia and Russia lowers oil supply to 2 million barrels per day

Mless oil and more expensive.

OPEC agrees to the biggest cut since May 2020. And close to double what was expected.

The participating ministers agreed to extend their cooperation for another year, with which the alliance in which Mexico is included, forged in 2016 to deal with the fall in “oil prices”, will be maintained at least until the end of next year.

The American President, Joe Bidencriticized OPEC+’s decision for “short-sighted“. A statement explained that “This decision will have the greatest negative impact on low- and middle-income countries, which are already suffering from high energy prices.”

The White House considers the production cut by OPEC+Russia as a “hostile act”.