Several massive oil exporters cut their production and interpreted the cut as a necessary step now. This decision was made by Saudi Arabia and several Gulf countries to cut their production by more than a million barrels per day, consequently the crude oil price went up to $85 a barrel. However, Russia announced that its oil production will cut by half a million barrels per day until the end of the year. The Russian invasion of Ukraine resulted in a rise in the oil price though it has normalised to the pre-invasion era.

On the other hand, the US seems unhappy and reads the Gulf countries’ decision regarding the oil production cut as inadvisable since they have asked exporters to increase their production in order to calm down the energy prices. Recent ups in energy prices have caused inflation in some countries, and the US apparently asks for further oil exportation that could lower the energy prices and the inflation rate.

OPEC+ members have chosen the oil reduction choice and have avoided the US opinion in this regard. Some economists believe that this oil reduction decision for a country like Saudi Arabia benefits it by making it more independent in producing and exporting oil and becoming less independent of the US from now on.