OPEC+ Agrees Major Oil Output Cut
Mohammad Ali (@ChaudhryMAli88) Published October 05, 2022 | 08:47 PM
OPEC and its Russia-led allies agreed on a major cut in oil production on Wednesday, a move to prop up prices that could bolster sanction-hit Moscow's coffers and irk Washington
Vienna, (UrduPoint / Pakistan Point News - 5th Oct, 2022 ) :OPEC and its Russia-led allies agreed on a major cut in oil production on Wednesday, a move to prop up prices that could bolster sanction-hit Moscow's coffers and irk Washington.
The 13-nation OPEC cartel and its 10 Russian-led allies agreed to reduce two million barrels per day from November at a meeting in Vienna, said Iran's OPEC Governor Amir Hossein Zamaninia.
It is the biggest cut since the height of the Covid pandemic in 2020.
Such a move could turbocharge crude prices, further aggravating inflation which has reached decades-high levels in many countries and is contributing to a global economic slowdown.
It could also give Russia a boost ahead of a European Union ban on most of its crude exports later this year and a bid by the Group of Seven wealthy democracies to cap the country's oil prices.
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