The White House: OPEC + production cut did not raise gasoline prices in America

The White House said the OPEC + production cut did not raise gasoline prices in America.

At the end of the meeting on Wednesday, October 5, 2022, OPEC + members announced to cut production by two million barrels per day in November, according to the group’s statement, and to extend the “declaration of cooperation” until the end of the year. 2023, provided that ministerial meetings are held every 6 months.

Following the OPEC Plus decision, the White House said “all options are on the table”. US President Joe Biden recently announced the withdrawal of 15 million barrels of oil from US reserves in December, urging US companies to increase production.

Saudi Energy Minister Prince Abdulaziz bin Salman stressed during a press conference following the OPEC Plus meeting the importance of “pre-action” to address uncertainty. He stressed that he will continue to make the commitments required to improve the global economy.

“OPEC Plus will remain an important force in the stability of the global economy. The amount of uncertainty we are experiencing is unprecedented. The current situation makes it difficult for large consumers to use the paper market,” according to the minister of paper. ‘Saudi energy.

Regarding the impact of central bank decisions on demand, Prince Abdulaziz said: “We do not know the implications of anti-inflation policies on global demand.”

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