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OPEC Plus is considering cutting oil output to boost the market. A source told Reuters that the company wants to cut oil production by 1 million barrels per day. The meeting is scheduled to be held next Wednesday (October 5). A decision will be taken there.
The crude oil market has been depressed for the past few months following the post-Corona situation and the Russia-Ukraine war. Earlier, OPEC Plus decided to cut oil production in 2020 during the Corona crisis.
Saudi Arabia, the United Arab Emirates, Iraq, Iran, Venezuela, Ecuador, Congo, Nigeria, and 14 countries in the world that are at the top in oil extraction and export are the Organization of Petroleum Exporting Countries or OPEC. After Russia became a member of the alliance, the organization was renamed OPEC Plus.
International political experts say, if the decision of OPEC Plus is implemented, it may cause dissatisfaction of the United States. Saudi Arabia is the current chair of OPEC. Biden himself went to Saudi Arabia to call for increased oil production.
Saudi government spokesmen contacted for details on the oil production cuts declined to comment to Reuters.
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