OPEC Plus will continue oil output cuts as prices remain unchanged – World News Network

Date:

Riyadh [Saudi Arabia], June 5 (ANI): The group of oil-producing countries resolved on Sunday to extend oil production curbs through 2024 as petrol prices remained stable, according to The Hill.
The Organisation of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC Plus, met on Sunday and resolved to prolong the oil output cutbacks under the leadership of Russia and Saudi Arabia.
OPEC described the move as aiming to “achieve and sustain a stable oil market, and to provide long-term guidance for the market, and in line with the successful approach of being precautious, proactive and preemptive”, The Hill reported.
In April, Saudi Arabia, Russia, and other OPEC+ oil producers declared their intention to reduce production by 1.16 million barrels per day. The countries that produce oil had previously agreed to reduce their output by 2 million barrels per day through the end of the year.
When the decision was made, the National Security Council criticised it, stating that the administration did not consider cuts “advisable at this time given market uncertainty.”
President Biden had also threatened that there would be “consequences” for Saudi Arabia, after the country announced the production cut last October of about 2 million barrels per day, The Hill reported.
This move is not expected to affect gas prices in the United States, as pump prices have remained flat even after Memorial Day weekend travel. As of Sunday, the national average of gas prices was USD 3.55 per gallon, according to AAA. (ANI)


Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

spot_imgspot_img

Popular

More like this
Related

16 nations; 9 international organisations join India-led big cat alliance so far: Officials – World News Network

As many as 16 countries, including Brazil, Nepal, Bangladesh and, Malaysia, have formally joined the newly formed big cat alliance led by India, Environment Ministry officials said on Friday.

US Senate passes short-term funding bill, stops partial government shutdown – World News Network

The bill now heads to US President Joe Biden's desk. The new funding deadlines for the government spending bills are now due on March 8 and March 22.

Canadian parliamentarians organize round table, celebrate ‘International Mother Language Day’ – World News Network

Canadian parliamentarian Jeremy Patzer hosted a Sindhi Round Table on Thursday to celebrate 'International Mother Language Day' at the Parliament of Canada, where he offered a very warm welcome to the Sindhi community and members of the Sindhi Foundation, a press release from the Sindhi Foundation stated.

Iran national polls: Supreme leader Khamenei casts vote, says “eyes of people of world on Iran today” – World News Network

"They want to see what choices you make in these elections and what the outcome will be," Khamenei said after casting his vote in elections in Iran to elect 290 representatives for the Iranian Parliament and 88 representatives for the Assembly of Experts.
[calling-iframe]
Send this to a friend