OPEC+ Members Meet to Discuss Production Quotas and Cuts
Leaders from the Organization of the Petroleum Exporting Countries (OPEC) and their allies, known as OPEC+, met yesterday to discuss production quotas and cuts in response to the news that oil prices have plummeted. The meeting included discussions about the potential for further voluntary production cuts and other measures to stabilize prices.
The meeting comes as tensions within the organization are running high over disagreements about quotas and cuts. Saudi Arabia has announced further voluntary cuts, which has sparked a clash with some OPEC members, including Russia, who believe that Saudi Arabia is trying to take control of the market.
The Biden administration has also criticized Russia and other OPEC members for shrugging off concerns about climate change and continuing to produce oil at high rates. Despite this criticism, it is unclear whether the administration will take any further action to limit oil production or raise prices.
Observers suggest that these tensions and uncertainties could push oil prices higher in the coming weeks as the market sorts out the implications of potential production cuts. However, with the global economy still in flux due to the ongoing COVID-19 pandemic, it remains difficult to predict what the future holds for oil prices and the energy market as a whole.