"OPEC+ has decided to cut the crude oil production quotas of participating countries from November. The OPEC Secretary General said that this production cut is aimed at stabilizing the energy market. Given the uncertainty of the global economy and the outlook for the oil market, there is a need to strengthen the long-term guidance of the oil market and to take proactive and preventive interventions. The U.S. and the West are very unhappy with this decision. This indicates that OPEC+ and the Gulf oil producers are moving away from U.S. and Western control to make decisions that are more in line with their own interests.

　　The 33rd ministerial meeting of the Organization of the Petroleum Exporting Countries and non-OPEC producers ("OPEC+") decided to cut production significantly from November this year, reducing monthly production by an average of 2 million barrels per day from the August output. The size of this cut is equivalent to 2% of average daily global oil demand, the largest reduction since May 2020.

　　OPEC Secretary General Haitham Gass said the production cut is aimed at stabilizing energy markets. Given the uncertainty of the global economy and the outlook for the oil market, there is a need to strengthen the long-term guidance of the oil market and to take proactive and preventive interventions.

　　According to the meeting report, the cut comes against the backdrop of uncertainty facing the global economy and oil markets. In recent months, the U.S. and the West have continued to take aggressive interest rate hikes and other intervention initiatives to relieve their own pressures, leading to a slowdown in global economic growth and dampened oil demand growth, with international oil prices continuing to fall. New York crude oil futures main contract price fell from more than $120 per barrel in June this year to the current $90 per barrel, back to the level before the outbreak of the conflict between Russia and Ukraine in February this year. Brent crude oil futures prices in London have shown a similar trend.

　　OPEC's monthly report released in September also expressed concern about the global economic outlook. According to the report, geopolitics, the new crown pneumonia epidemic, supply chains, inflation and other problems persist, the high level of sovereign debt in many parts of the world, and the expected tightening of monetary policy by the United States, the European Union and the Bank of England, these factors together lead to a certain downside risk to the global economy.

　　The U.S. and the West are very dissatisfied with the decision of OPEC+ to cut production. U.S. President Joe Biden expressed disappointment with the production cut and said further action would be taken in the oil market. The U.S. announced plans to provide another 10 million barrels of oil from the Strategic Petroleum Reserve to the market in November to hedge against the impact of the production cut. Some U.S. members of Congress intend to continue to promote the "anti-oil production and export cartel" bill passed in May this year in the Senate Judiciary Committee, while the U.S. government has also said it will consult with Congress on "additional tools and authority" to stop OPEC from monopolizing global energy prices. Energy prices. In addition, European countries will also take to increase oil and gas exploration, the release of strategic reserves of energy and other means to respond to the "OPEC +" this round of production cuts.

　　The increase in oil prices will weaken the effect of economic sanctions imposed by the U.S. and Western countries on Russia. Some U.S. officials and media thus believe that the production cut is "OPEC+" support for Russia, saying that it will "weaponize" oil energy. The EU approved a new package of sanctions against Russia on Oct. 6, including a ban on shipments of Russian oil to third countries by sea that exceed the price ceiling.

　　In response, OPEC focused on its influence in the energy market and its objective and neutral position. Haitham Gais said that OPEC is not a political organization and does not favor any party, and its decisions are based on data and facts from several international agencies, aiming to ensure the stability of the oil market and contribute to global economic growth.

　　On the query that the production cut led to energy shortage in Western countries, Saudi Energy Minister Abdulaziz bin Salman and UAE Energy Minister Suhail Mazrui said that the energy shortage in less developed countries in Africa, Asia and South America deserves more attention. The production cut is conducive to maintaining the stability of the energy market, boosting confidence in investment in the energy sector and helping to resolve the tight oil supply situation more thoroughly.

　　"It is not clear whether the OPEC+ production cut will have a long-term impact on oil price trends. But this move shows that "OPEC+" and the Gulf oil-producing countries are getting rid of the U.S. and Western control, to make decisions more in line with their own interests, but also to further prove that the U.S. to achieve their own hegemony to interfere in the decision-making practices of other countries is unpopular.