Fastest News Updates around the World

United States Aims to Impact Energy Market by Engaging with Producers and Consumers Following Production Cut Decision

45

- Advertisement -

The representative of the National Security Council in the White House said that the US administration intends to interact with producers and consumers of energy resources in order to influence the market, after a number of countries announced a reduction in oil production.

“We do not think that a reduction (of production) is desirable now, given the uncertainty in the market,” Reuters quoted him as saying.

The spokesman stressed that the US authorities are “targeting prices for American consumers” and noted that gasoline prices in the country have fallen significantly over the past year.

“We will continue to work with all producers and consumers to ensure that energy markets provide economic growth and lower prices for American consumers,” the council said in a statement to the Wall Street Journal.

On Sunday, several OPEC+ countries announced voluntary cuts in oil production from May to the end of 2023, with total cuts that could amount to more than 1.5 million barrels per day.

Saudi Arabia will cut production by 500,000 bpd, Iraq by 211,000 bpd, UAE by 144,000 bpd, Kuwait by 128,000 bpd, Kazakhstan by 78,000 bpd, Algeria by 48,000 bpd and Oman at 40,000 bpd.

Russia will extend its current decision until the end of June to cut production by 500,000 a day until the end of 2023.

Source: TASS

Leave a Reply

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More