OPEC cut production by 1.7 million barrels per day in May, and in July Saudi Arabia announced an additional cut of 1 million barrels per day. For example, exports from the OPEC+ countries increased from $72 billion in June to $92.2 billion in September.
Experts from the International Energy Agency (IEA) note that the policy of oil supply cuts, implemented by members of the Organization of the Petroleum Exporting Countries and its partners (OPEC+), has resulted in a large increase in revenues for this cartel, and especially for Russia. , which earned $1.8 billion more than in August.
The cartel’s production fell by 1.7 million barrels per day in May It had an almost negligible effect on prices and resulted in a reduction in the value of oil exports.
Used to be in Julywhen Saudi Arabia announced an additional one million barrels per day cut as prices started to rise.
In this way, exports from OPEC+ countries increased from $72 billion in June to $92.2 billion in September. The largest increase in absolute terms occurred for Russia ($12.9 to $18.8 billion), followed by Saudi Arabia (from $19 billion to $22 billion).
In addition, there has been an increase in shipments, especially to China (270,000 additional barrels per day) now Turkiye (80,000).
Just two weeks ago, in a few days, the Brent barrels It fell 8% cheaper, but the escalation of the conflict between Israel and Palestine changed the scenario again last Saturday. So, on Monday The price of a barrel rose by more than 5% on the London futures market as investors feared a supply shortage due to the conflict in the Middle East.
Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
