The price of crude oil increased again in the world market by 7 percent
The price of crude oil increased again in the world market. Some Gulf countries including Saudi Arabia, Iraq have reduced oil production and prices have increased by about 7 percent. The United States reacted negatively to it.
On Sunday, several countries, including Saudi Arabia, a member of the Petroleum Exporting Alliance - OPEC, started implementing the sudden decision to reduce oil production by 1.5 million barrels per day. Later said, this is part of precautionary measures.
In this incident, the price of crude oil increased by at least 5 dollars per barrel and is being sold above 85 dollars.
In an immediate response, the National Security Council of the United States said that there is no justification for taking such steps to create uncertainty in the market. The United States has long tried to lower oil prices by increasing production and supply to control inflation. The Biden administration has been raising this demand in various international forums since the start of the Ukraine war.
The OPEC ministerial meeting on Monday discussed reducing oil production by 2 million barrels per day. Saudi Arabia and Russia participated virtually in the meeting.
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