Foreign countries did not let us down // Key OPEC countries decided to reduce oil production together with Russia

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Saudi Arabia and other major Arab oil producers, the UAE, Iraq and Kuwait, unexpectedly decided to support Russia’s efforts and unilaterally cut production. We are talking about a reduction of 1 million barrels per day from May until the end of the year, while Russia will extend for the same period the reduction in production by 500 thousand barrels already begun in March. OPEC+ countries call this step a preventive measure to stabilize the market. Analysts expect oil prices to rise in the short term, while Western experts note the continued cooperation within OPEC + and increased pressure on Western central banks due to a possible increase in inflation.

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