As gas prices continue to fall, the coalition of oil-producing nations led by Saudi Arabia and Russia on Sunday opted against trying to stop the slide with cuts to the world’s oil supply.
Sunday’s move comes after the group unleashed a diplomatic firestorm at its last meeting in October, when it agreed to cut output by 2 million barrels per day. The move drew a sharp rebuke from the White House and a vow from President Biden to inflict “consequences” on Saudi Arabia, the most powerful member of the organization.
On Sunday, the average price of a gallon of regular gas in the United States was $3.41, according to AAA, down sharply from its high in June over $5.The plunging prices of oil and gas are driven in large part by a drop in demand amid fears of a global recession, new covid lockdowns in China, and the effects of soaring interest rates in the United States. Meanwhile, some key U.S. oil refineries that were down for maintenance and repairs have come back online, adding to the world’s fuel supply.
The organization said in a statement Sunday that the October cut “was purely driven by market considerations and recognized in retrospect by the market participants to have been the necessary and the right course of action towards stabilizing global oil market.”The next OPEC Plus meeting to reconsider output has been set for June.
Countries are implementing the price cap just as a European ban on importing Russian oil kicks in on Monday. Because that ban doesn’t apply to other parts of the world that are still buying from Russia, the price cap is seen as an additional tool to limit Russia’s oil revenue. Europe and the United States will enforce the measure by using their significant control over petroleum shipping carriers and the companies that provide them insurance.
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