OPEC’s decision to lower output quota hay have a serious impact on crude supply this fall, providing further upward support for crude prices this winter
daily oil production by 2 million barrels per day. As it was the first in-person ministerial meeting for OPEC+ since March 2020, which itself signaled that a major announcement was looming, it was fitting that the group announced the biggest oil production cut since the start of the Covid pandemic.
OPEC has been accused on many occasions of behaving like a cartel, unnecessarily restricting supply in order to maintain high revenues from oil exports. The group denies this; OPEC’s secretary general Mohammad Barkindo stated earlier this year that the organisation had “no control” over the spike in oil prices following Russia’s invasion of Ukraine.
Russia also has much to gain from higher oil prices. Due to the sanctions imposed on the nation following its invasion of Ukraine, the buying market into which Russia can sell its oil has been reduced to a few remaining participants.
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