OPEC production cut means more money for Russia and another blow to the West

The OPEC+ Joint Ministerial Monitoring Committee has stated that an additional voluntary reduction in the production of several countries of the bloc and Russia will amount to 1.66 million barrels per day by the end of 2023.

Russia and Saudi Arabia took over the main commitments to cut. According to market experts, the unexpected decision of OPEC+ will allow oil prices to return to a price of US$ 100 per barrel.

Gabon is among the countries which announced voluntary output cuts starting in May.

Other OPEC+ countries may later join additional cuts in oil production if they find it necessary for the market, Russian Deputy Prime Minister Alexander Novak said.

The United States said it does not support the decline in oil production by several OPEC + countries.

The Wall Street Journal notes that the decision marks another moment when Saudi Arabia, once a trusted U.S. security partner, is pitting its energy policies against Washington as the West confronts Russia over its actions in Ukraine and the U.S. seeks to cut Russia’s revenues.”

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