Why did OPEC+ slash oil output?
OPEC+ group has agreed to its deepest cuts to oil production since the coronavirus pandemic, and the US is not happy.
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For months, US President Joe Biden has lobbied Saudi Arabia and other oil-producing countries to help ease energy prices by pumping more oil.
But in a major policy reversal, the OPEC+ group – that includes Russia – decided to cut output by two million barrels a day in November.
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The United States says the decision is shortsighted. It has accused the kingdom of siding with Moscow, which relies heavily on its oil revenues. OPEC+ says the move is purely economic – a response to uncertainty about future oil demand.
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Published On 15 Oct 2022