The expert told how the decision of OPEC + will affect the global economy

CAIRO, Oct 5 – PRIME. The decision of OPEC + to cut oil production by two million barrels per day will not worsen the situation in the global economy, since it is primarily subject to the decisions of the financial policy of the United States and European countries, Hajjaj Bu Khudur, a Kuwaiti expert in the field of oil markets, told RIA Novosti.

OPEC+ expressed concern about the lack of investment in the oil industry

OPEC+ has agreed to cut oil production by 2 million barrels per day from November, and will take production levels agreed for August as a baseline. OPEC+ explained its decision by uncertainties around the global economy and forecasts for the oil market.

According to the expert, the situation in the world with the economy has developed as a result of the financial policy of the United States and European countries following them, which ultimately led to inflation, “in no way related to oil prices.” In addition, there is a collapse of world currencies that are interconnected – the euro, the dollar, and the currencies of the world associated with the dollar, food prices are rising.

“All these events in the global economy are due to the US position on the Russian-Ukrainian conflict, which is expressed in the desire for ever greater escalation, and because of Washington’s financial policy, and not because of the conflict itself,” the expert noted.

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At the same time, in his opinion, this step could have been taken at the beginning of the special operation.

“OPEC+ is not engaged in the exploitation of the current situation, but manages oil production and related events in the world. The decision is wise and taken on time with clear goals,” the expert said.

“OPEC+ countries have made a decision that will help stabilize the oil market and bring them benefits,” the expert concluded.


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