In Egypt, announced the possible major shocks in the energy markets

CAIRO, Oct 12 – PRIME. The decision of the countries participating in the OPEC + deal to reduce oil production could cause turmoil in global energy markets, according to a report by the Center for Information and Decision Support of the Egyptian Cabinet.

“The consequences of the OPEC + decision could result in turmoil in energy markets, which may intensify due to the embargo imposed on the export of Russian and Iranian oil and the reluctance of US producers to increase production levels due to price support,” the center said in a report.

Last week, the oil-producing countries of the OPEC+ alliance, at their first face-to-face meeting in Vienna since the start of the pandemic in 2020, agreed to cut production by two million barrels per day starting in November, extending the deal until the end of 2023.

On October 6, the European Union officially published a new package of sanctions against Russia. The restrictions come into effect on October 7th. The document, among other things, contains the basis for determining the price ceiling for Russian oil for its transportation by sea. At the same time, transportation of fuel above this price is prohibited. It will come into effect on December 5th. The ban on the supply of oil products more expensive than the established level will come into force on February 5.