mless oil and more expensive.
OPEC agrees to the biggest cut since May 2020, and about 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 “petroprices”, will be maintained at least until the end of next year.
The American President, Joe Bidencriticized the OPEC+ decision for “short term“. A statement explained that “This decision will have the biggest negative impact on low- and middle-income countries, which are already suffering from high energy prices.”
The White House considers the OPEC+Russia production cut as a “hostile act”.