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On the evening of October 5, Beijing time, OPEC+ announced that it would start cutting production by 2 million barrels per day
in November.
The possible rise in oil prices from a contraction in the crude oil market has added pressure to Europe and the United States
, which are trying to control inflation.
Matthew Smith, co-head of crude oil analysis at Kpler, expects tight supply and demand to drive oil prices higher, exceeding $100/b
in 2023.
After a resurgence in energy prices and a sharp reduction in OPEC, the White House expressed displeasure
on Oct.
5.
U.
S.
President Joe Biden was disappointed by OPEC+'s short-sightedness in deciding to cut production at the moment and proposed new arrangements
for the launch of the SPR (Strategic Petroleum Reserve), the statement said.
However, the long-term impact of OPEC on oil prices is still in doubt
.
Paul Sankey, chief analyst at Sankey Research, said OPEC member countries are currently producing at the quota and the group's announcement of a quota cut will not have much impact on
oil prices.
