Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Salam: The army has been tasked with developing a plan for "state weapons monopoly" by the end of this year and presenting it to the ministerial council before the 31st of this month
Salam: Discussion of the US document paper will be pursued in a government session next Thursday
Salam: We affirm Lebanon's right to self-defense in the event of any aggression.
Lebanese Prime Minister Nawaf Salam, in a statement after the government session that discussed the "state weapons monopoly" clause: Based on the ministerial statement, the Lebanese state is committed to implementing international resolution 1701
Sheikh Qassem: Lebanon is a country where sacrifices and blood have been made, and we will discuss any matter related to it in Lebanon; no one think of imposing any diktats on us
Sheikh Qassem: We must beware of the advocates of sedition whose hands are stained with blood and who serve the Israeli project
Sheikh Qassem: We are a fundamental component of Lebanon, so how the resistance is approached must be reconsidered
Sheikh Qassem: The Resistance is part of the Taif Constitution, stipulated therein, thus a constitutional matter cannot be discussed by voting, rather, it requires consensus
Sheikh Qassem: The state must develop plans to confront pressure and protect security and sovereignty, not strip its citizens of their capabilities and losing its points of strength
Sheikh Qassim: Does handing over weapons to 'Israel', at its request and at the request of America and some Arab countries, enforce sovereignty?

OPEC+ to cut oil production by 2mln barrels per day

  • By Al Mayadeen English
  • Source: Agencies
  • 5 Oct 2022 18:36
  • 4 Shares
3 Min Read

The OPEC+ member states are decreasing their oil production when the US and Europe need them most.

  • x
  • US President Joe Biden
    US President Joe Biden

The Organization of the Petroleum Exporting Countries (OPEC)'s member states voted on Wednesday on cutting their production of oil and agreed to reduce their oil production by 2 million barrels a day in light of the world's surging energy crisis, a delegation source told Russian news agency Sputnik.

Earlier reports suggested that OPEC's Joint Ministerial Committee (JMMC) recommended cutting oil production by 2 million barrels per day.

"They have not formally agreed yet, but have already voted," the source said, commenting on whether the alliance has agreed on a decision to reduce oil production by 2 million barrels per day.

The sources clarified that all members voted in favor of the reduction after discussing oil market reports.

The US is concerned that OPEC's probable decision to reduce oil production will pose serious problems for the country and may even be interpreted as a hostile act, according to a US Treasury report.

The Biden administration assembled its top energy, economic, and foreign policy officials and entrusted them with lobbying Middle East allies such as Saudi Arabia, the United Arab Emirates, and Kuwait to vote against decreasing oil production.

To persuade its OPEC allies, the US proposed to purchase back up to 200 million barrels of oil from its OPEC partners.

Related News

Trump targets India over Russian oil, says nearing China trade deal

US eyes Alligator Alcatraz-style migrant facilities across country

In early September, OPEC+ declared its intention to resume oil production at the August level and cut it by 100,000 barrels per day (BPD) in October.

In a statement, the OPEC+ alliance said that "[OPEC+ decodes to] Revert to the production level of August 2022 for OPEC and non-OPEC Participating Countries for the month of October 2022 as per the attached table, noting that the upward adjustment of 0.1 mb/d to the production level was intended only for the month of September 2022."  

Biden had previously tried to convince the organization to increase its oil output in a bid to cool the red-hot energy prices, traveling to Saudi Arabia with hopes of persuading Saudi Arabia to promise to increase its oil output and relieve the pressure on the global supply chain.

However, the price of oil rose even further after he left West Asia without striking a deal with Saudi Arabia on Riyadh pumping out more oil.

Saudi Arabia and the United Arab Emirates have been viewed as the only two countries in the world's producer group, the Organization of Petroleum Exporting Countries, that have some spare capacity and could help increase global deliveries.

United Arab Emirates Crown Prince Sheikh Mohammed bin Zayed told French President Emmanuel Macron in late June that Saudi Arabia and the United Arab Emirates could barely increase oil production.

Attempting to curve the prices of oil in the US when all else failed, Washington has been actively using its Strategic Petroleum Reserve (SPR) for over a year. 

At the current pace of oil production, the reserves will shrink to a 40-year low with only 358 million barrels remaining by the end of October. Last year, the SPR location in Texas and Louisiana reportedly contained 621 million barrels. According to official information, the US is set to stop extractions from SPR in October.

  • United States
  • United Arab Emirates
  • OPEC
  • Europe
  • Russia
  • Joe Biden
  • Saudi Arabia

Most Read

An Israeli tank explodes following an ambush by al-Qassam Brigades in Gaza, Occupied Palestine, undated (Al-Qassam Military Media)

Al-Qassam strikes Israeli vehicles in Gaza, inflicts casualties

  • Politics
  • 30 Jul 2025
UAE lodges complaint against Israeli ambassador over 'misbehavior'

UAE lodges complaint against Israeli ambassador over 'misbehavior'

  • Politics
  • 1 Aug 2025
Protesters chant anti-Israeli slogans as they carry a banner that reads:" Freedom for Palestine, Alliance stop the war," during a demonstration in support of Palestinians in Gaza, outside the Israeli embassy, in Athens, Monday, June 9, 2025 (AP)

Athens mayor slams Israeli ambassador over Gaza war, graffiti claim

  • Politics
  • 3 Aug 2025
An explosion seen during an Iranian missile attack on Tel Aviv, Occupied Palestine, June 13, 2025 (AP)

If Iran is attacked again, geography of response may change: IRGC spox

  • Politics
  • 30 Jul 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Israeli soldiers drive on their armored personnel carrier back from inside the northern Gaza Strip, Tuesday, July 29, 2025. (AP)
Politics

Full occupation of Gaza on the table despite military's opposition

Israeli Prime Minister Benjamin Netanyahu speaks to the audience at a conference in occupied al-Quds, occupied Palestine, Sunday, July 27, 2025 (AP)
Politics

Netanyahu blamed for sabotaging Gaza captives deal, say their families

A mine operated by Serra Verde Mining in Minacu, Goias state, Brazil, Monday, July 28, 2025 (AP)
Politics

China’s mineral export ban disrupts US defense supply chain

ap
Politics

Aid allowed by 'Israel' covers only 14% of Gaza's needs: Media Office

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS