Washington: We appreciate Saudi-Emirati cooperation to cope with the pressures of high energy prices

The White House said the US appreciates cooperation with Saudi Arabia, the UAE and OPEC + to counter the pressures of rising energy prices.

In a statement today, Tuesday, the White House welcomed OPEC + ‘s decision to increase oil production, which aids the global economic recovery, noting that it has seen an increase in meeting global energy demand in recent weeks. .

The twenty-fourth meeting of the Opec + group ended, in which it was agreed to keep the production policy unchanged, in the sense that the shareholders will undertake to increase production by 400,000 barrels per day next February.

The longest meeting of the organization

Prince Abdulaziz bin Salman, Saudi Minister of Energy, confirmed today, Tuesday, the end of the longest meeting of the Organization of the Petroleum Exporting Countries (OPEC), Russia and its allies, the group known as OPEC +.

In turn, the Russian Deputy Prime Minister, Alexander Novak, expressed the belief that “there is a state of uncertainty about Omicron, but it does not affect the demand for oil”.

An energy strategy expert, Nayef Al-Dandani, described in an interview with “Al-Arabiya” the decision as a reflection of the “OPEC +” approach to pay attention to strategic influences, considering that the panic was exaggerated over the impact of the changed Omicron on oil prices.

In February, Saudi Arabian production will reach 10.22 million barrels per day, with an increase of 105,000 barrels per day compared to the month in course. It was decided to hold the next meeting on February 2nd.

Extension of the compensation period

OPEC + decisions concluding its meeting today included extending the clearing period to next June and setting the next meeting date for February 2, 2022.

And a technical report released Sunday showed that OPEC + expects the impact on the oil market of the Omicron variable of the Corona virus will be mild and temporary, which holds the door open for another increase in production.

“The impact of the new Omicron variant is expected to be mild and short-lived as the world becomes better equipped to handle COVID-19 and related challenges,” the JTC report said.

The report continued: “This adds to the stable economic outlook in both advanced and in emerging ones “.

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