The oil-producing country coalition OPEC+ announced dramatic production cuts on Sunday totaling 1.16 million barrels per day (bpd), sending oil prices surging on Monday morning.
a cut of 2 million bpd that shocked the world in October, following a visit to Saudi Arabia by leftist President Joe Biden widely considered to be intended to convince Riyadh to expand, not cut, oil production.The production cut announced this weekend spans multiple prominent members of the coalition. Saudi Arabia announced it would cut its production by half a million bpd; Russia would extend a cut of the same amount through the end of the year.
a Saudi energy official explaining the cuts as a “precautionary measure” to prevent a sudden fall in oil prices and maintain “stability.”the measure as being in the “interest of global energy markets” and preemptively condemned third parties, presumably meaning the United States, for discouraging oil cuts.“We were energy independent one year ago, now we are at the mercy of OPEC."
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