Could OPEC+ Decision Reach Egypt?

Could OPEC+ Decision Reach Egypt?

Egypt - The Organization of the Petroleum Exporting Countries and its allies (OPEC+) have decided to cut oil production, leaving most experts baffled by the move. The plan affects Europe the most, augmenting its existent energy crisis. But does the wound go deeper than just hitting Europe to scratch global supply, eventually reaching Egypt?

The price cartels announced on October 5th that they will slash daily crude oil output to 2 million barrels per day — its biggest output cut since 2020 — curbing supply in an already tight market. The decision of the largest oil-producing countries, which includes Russia, comes at a time when much of the world is already battling rising energy prices. It also comes despite pleas from the US and others to pump more oil into the market.

Economic expert Atef Andrawes told Arab Finance that the decision indeed has its economic agenda, but should not be tied down to it because there are definitely geopolitical reasons as well.

Meanwhile, Adjunct Professor at Columbia University Jenik Radon said, “The recently announced OPEC oil production cut clearly had political intent. The reason is the timing of the cut. Why now is the question? There is simply no objective reason for