At its monthly meeting this week, the OPEC cartel and its allies, which include Russia, moved to cut their combined daily production of crude oil by 2 million barrels per day (bpd). That’s about 2% of global oil output. OPEC+ produces around 40% of the globe’s crude.
It’s the largest reduction since a midpandemic cut in 2020, and comes just two months ahead of the European Union’s planned embargo on Russian oil.
It’s also an affront to US President Joe Biden, who this summer made a controversial visit to Saudi Arabia, OPEC’s largest oil-exporting nation and the group’s de facto leader.
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