By: Inspenet, December 14, 2022.
The Organization of Petroleum Exporting Countries promised to extend, for one more year, its controversial decision to cut its hydrocarbon production by 2 million barrels per day.
Led by Saudi Arabia, the Organization of the Petroleum Exporting Countries (OPEC) will enter 2023 with its crude supply sharply reduced, thanks to an agreement that will apply throughout the year.
The cut of 2 million barrels per day (mbd) announced in October sparked the anger of consumers, since it means the withdrawal of a volume equivalent to 2% of world consumption of “black gold” in the midst of the current economic and energy crisis.
Along with this controversial decision, OPEC also promised to extend for another year, until the end of 2023, its cooperation with Russia and nine other crude oil producers.
Photo: ShutterStock
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