The United States is calling for increased oil production from the Organization of Petroleum Exporting Countries (OPEC), which since the beginning of October has reduced its production by two million barrels per day and has not changed that level since the beginning of October.

For six months, OPEC has maintained oil production cut by two million barrels per day. According to the US Undersecretary of State for Economic Affairs, Energy and the Environment, Jose Fernandez, speaking on the sidelines of the CERAWeek energy conference in Houston, “as the world's economies recover from the coronavirus pandemic, oil consumption will increase.” “Therefore, we would like to see supply match demand. We would like more crude production globally, including from OPEC, that is, OPEC and its allies,” he stressed.

OPEC forecasts demand growth of 2.32 million barrels per day in 2023 compared to last year. The price of a barrel is falling but remains at a high level. The price of a barrel of West Texas Intermediate (WTI), the American reference variety, is now worth about a third less than a year ago, in the early days of the Russian invasion of Ukraine.