The United States criticizes the oil cartel

By RockedBuzz 2 Min Read

The OPEC+ countries unexpectedly announced on Sunday that they would cut production. After the decision, the price of crude oil rose by almost six percent in a few hours. In the evening according to Central European time, the price of Brent oil in the North Sea increased by 5.67 percent to $84.42 per barrel, and the price of WTI, the American light oil type that dominates in the Western Hemisphere, increased by 5.84 percent to $80.09 per barrel.

First, Saudi Arabia and then Russia announced restrictions of 500,000 barrels each, and then several Gulf countries joined the restrictions.

In front of journalists, John Kirby based the US government’s position regarding the wrongness of the move on market uncertainties, and emphasized that this was made clear diplomatically. At the same time, he added that the world market situation is completely different from a year ago. He mentioned that 12 months ago, crude oil prices were between $110 and $120 per barrel, while they are currently hovering around $80.

The White House official said the United States will continue to work with producers to ensure energy markets support economic growth and ensure low prices for American consumers.

When asked if the United States does not consider the decision of the oil production organization that it leads to be an unfriendly move on the part of Saudi Arabia – which is favorable to Russia – John Kirby said that for the United States, Saudi Arabia remains a strategic partner, and many they share concerns about the issue, although they do not see everything in the same way.

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Cover image: Shutterstock.

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