OPEC+ confirms oil production cut

The reduction comes despite US pressure to pump more

OPEC+ member states have agreed an oil production cut of two million barrels per day, a statement published on the group’s website reads.

The reduction will take effect in November, the cartel announced on Wednesday.

According to OPEC, the step comes “in light of the uncertainty that surrounds the global economic and oil market outlooks, and the need to enhance the long-term guidance for the oil market, and in line with the successful approach of being proactive, and preemptive, which has been consistently adopted” by the group.

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