There was great anger in Washington when the OPEC countries and the governments cooperating with them, including Russia (OPEC+), decided to cut global oil production. The US government even threatened Saudi Arabia with consequences. Now the government in Riyadh could accommodate the US. A newspaper article reported on Monday about a possible expansion of the production volume.
As the Wall Street Journal wrote, leading OPEC country Saudi Arabia is discussing an increase in production by 500,000 barrels per day with other OPEC countries ahead of the next OPEC+ meeting on December 4. This news caused oil prices to plummet around the world. The price for a barrel (159 liters) of the North Sea Brent fell at times to 82.31 dollars (around 80 euros). A barrel had previously cost over 87 dollars (around 85 euros). The Saudis’ denial soon followed. “OPEC+ does not discuss decisions ahead of its meetings,” Saudi Energy Minister Prince Abdulaziz bin Salman said. “The latest cut of two million barrels per day by OPEC+ applies until the end of 2023, and we can take further action as needed to balance supply and demand through production cuts,” the statement said this opinion, oil prices recovered. A barrel recently cost $86.11. The development of the US variety WTI was similar. The recent slump in oil prices has continued the slide that had accelerated last week on growing concerns about the global economy and lower demand. Crude oil from the North Sea has fallen in price by more than 13 percent since the beginning of the month.