OPEC+ members – including Saudi Arabia and Russia – have decided to reduce oil production by 2 million barrels for November. The group has indicated that the decision has been made due to expectations of the global economic recession, and to balance prices as they have decreased recently. Despite that, it is expected for oil prices to climb after the decision.

It is necessary to highlight that the reduction in the oil production has been the biggest since the pandemic. UAE Energy Minister Suhail al-Mazroui stated “The decision is not political but technical.”

An analysis on BBC’s Middle East business correspondent demonstrates that the OPEC+ choice is important for both oil markets and geopolitics and President Joe Biden’s request to the Saudi Arabia Crown Prince Mohammed bin Salman to transport more barrels in order to drop prices is a big waste. Also, It could be a reason to disrupt the West from implementing restrictions on Russian oil revenues.

Oil prices have been unstable since the start of the Russia-Ukraine war. A barrel of Brent Crude oil was at $84 in late september and it was trading at $130 in the spring. Countries all over the world – including Iraq and the Kurdistan Region– have been facing ups and downs in oil markets and it is still possible to face another rise in oil prices.