OPEC and Russia agree to cut oil production
Islam News – The oil industry cartel and its allies, including Russia, approved a drop in oil production of two million barrels a day to shore up prices.
The production drop will most likely make Russia’s oil even more valuable on the world market, and complicates Western plans to impose a price cap on Russian oil, an important measure to drain funding for President Vladimir Putin’s war in Ukraine.
The decision came after Biden administration officials spent more than a week trying to minimize production cuts by oil-producing countries in the Middle East.
Analysis: The cut of two million barrels a day represents about 2 percent of global oil production during a time of reduced global demand. Stock prices dropped and the national average price of gasoline in the U.S. rose for the 15th consecutive day, to $3.83 a gallon.
Source: The New York Times