OPEC cuts oil production
The group of oil-exporting countries OPEC Plus, which includes Russia, decided to cut oil production and thus affect the rise in prices, a move that could deal another blow to the global economy and increase fuel prices on pumps around the world.
Energy ministers of oil-producing countries agreed last night to cut production by two million barrels a day starting in November, which is more than expected. Members of the cartel met at their headquarters in Vienna for the first time in person since the outbreak of the Covid-19 pandemic in 2020.
"OPEC Plus" announced that the decision was based on the "uncertainty surrounding the predictions of the global economy and the oil market".
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