Signaling US, OPEC+ agrees to keep oil production unchanged
Experts say the decision by Saudi Arabia, Russia and other major oil producers could be motivated by a desire to maintain calm with the United States.
Saudi Arabia, Russia and other major oil producers in the OPEC+ alliance agreed Wednesday to maintain their current level of oil output, in a move that will preserve the status-quo and please the Joe Biden administration.
What happened: The Organization of the Petroleum Exporting Countries (OPEC) met on Wednesday with another group of oil producers including Russia, Oman, Sudan, Azerbaijan and six others. Together, these OPEC and non-OPEC members are known as OPEC+.
Bloomberg, Energy Intelligence and other outlets reported that OPEC+ decided at the meeting to maintain their current production level.
OPEC+ instituted a cut of two million barrels per day back in November, but then left production unchanged at the December meeting. Wednesday’s decision indicates no further changes.
