White House: Biden is determined to lower energy prices

According to IRNA, the White House announced on Monday local time after the OPEC+ agreement on a small reduction in oil production that the US President is committed to taking the necessary measures to strengthen energy supply and lower prices.

White House spokeswoman Karin Jean-Pierre added in a statement that Biden has clearly said that energy supply must meet demand to support economic growth and lower prices for American and global consumers.

23 member countries of the Organization of Petroleum Exporting Countries and its allies (OPEC+) agreed in their 32nd meeting to cut production by 100,000 barrels per day for October (October-November).

According to IRNA, the oil and energy ministers of the member countries of the Organization of the Petroleum Exporting Countries and its allies (OPEC Plus) met today (Monday, September 14) for the 32nd time to decide on the policy of this coalition for the month of October.

According to the decision of the OPEC+ oil and energy ministers’ meeting, the crude oil production quota of the member countries of this alliance will be reduced by 100,000 barrels in October.

In response to the collapse of demand at the height of the crisis of the spread of the Covid-19 virus, OPEC+ limited its production from May 2020 to 9,700,000 barrels per day, equivalent to about 10% of global demand, but after that time, demand improved. has gradually eased supply restrictions.

This amount of increased supply (9.7 million barrels per day) has reached the end of the line on paper, but not all of it has entered the market.

The members of this coalition decided to hold the 33rd OPEC+ meeting on October 5, 2022 (October 13).