September 26, 2022
KCNA Ministry of Foreign Affairs (EN)

What Does Outcome of Conference of the Group of “OPEC+” Tell?

Date: 17/08/2022 | Source: Ministry of Foreign Affairs (EN) | Read original version at source

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A few days ago, at the Conference of the Group of “OPEC+” held by Saudi Arabia, the member states came to a decision to increase the amount of daily oil production by 100,000 bbl since this September.

100,000 bbl is an insignificant amount for “OPEC+”, a large group of oil producing and exporting powers, whose daily oil production reaches up to as much as tens of millions of barrels.

The United States is the very country which was put into the most embarrassed position after the announcement of the decision.

It was only one month ago when the U.S., in desperation to stabilize the oil price which skyrocketed since the Ukrainian situation, put pressure on the Mediterranean Arab countries to increase oil production by sending its high-ranking officials. Not content with this, even the U.S. President personally engaged himself to do so.

Only recently, the U.S. President clamored to isolate Saudi Arabia from the international society, labelling it as a “pariah”. When he visited Saudi Arabia, he looked upon this fact with indifference and made a coercive demand on the Crown Prince to increase oil production. He even boasted that he will see a positive result at the Conference of the Group of “OPEC+” which was going to be held two weeks later.

However, the decisions of the conference went against hope and expectation of the U.S., an arrogant state. The Western experts laughed at Biden because his loud-mouthed boasting turned out to be empty words.

The reality vividly shows once again that high-handedness and arbitrariness of the U.S. can never be a multi-purpose solution.

Yang Myong Song

Secretary General of Korea-Arab Association

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