OPEC members announce cut in oil production exceeding one million barrels per day from next month

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In a sudden announcement, OPEC members, such as Saudi Arabia, the UAE, Iraq, Kuwait, and Algeria, have declared voluntary oil production cuts of more than one million barrels per day from May to December. They have stated that this is a preventive action to support the stability of the oil market

The group, which consists of 23 oil-producing countries, had

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reduced its collective output by two million barrels per day in the previous year and is expected to maintain the agreed-upon production levels at their upcoming virtual meeting