OPEC+ approves reducing oil production

The Organisation of Petroleum Exporting Countries has agreed to a larger-than-expected reduction in oil production targets. The production cut is two million barrels a day from November 2022, squeezing supplies in a tight market. The United States has criticised the move.

The Organisation of Petroleum Exporting Countries holds a regular general meeting in Vienna on Nov. 30, 2016. Source: AAP

The Organisation of Petroleum Exporting Countries [[OPEC+]] is an intergovernmental organisation of 13 countries.

This group of oil-exporting countries has decided to cut their oil production in a bid to boost oil prices. The

energy ministers agreed to cut output by a larger-than-expected two million barrels per day starting in November 2022.

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